Sundance Resources Ltd., seeking to develop an iron ore project in Africa, said its $1.19 billion takeover by Sichuan Hanlong Group may be scrapped because the Chinese company will miss a deadline today to provide details of how it would fund the deal.
The missing billionaire chairman of Sichuan Hanlong Group, reportedly in police custody, faces the collapse of his company’s $1.19 billion takeover of Australia’s Sundance Resources Ltd. as a term-sheet deadline looms.
General Moly Inc., owner of two molybdenum mining projects in Nevada, suspended work on a $665 million loan after a report that the chairman of the Chinese company arranging the credit has been detained in China.
BankUnited Inc., Comerica Inc., TCF Financial Corp., First Republic Bank and Texas Capital Bancshares Inc. are the most likely regional lenders to put themselves up for sale based partially on how much their chief executive officers stand to make from a deal, a report found.
There’s “no doubt” that Julia Gillard , who ousted Kevin Rudd as Australian prime minister today, will change the government’s proposed 40 percent tax on mining projects, Sundance Resources Ltd . said.
Gindalbie Metals Ltd., developing a A$2 billion ($2 billion) iron ore mine in Australia with China’s Anshan Iron & Steel Group , said the project may cost 30 percent more because of rising prices for raw materials and labor.
Australia’s mining stocks rose and the currency ended two days of losses against the yen as Prime Minister Kevin Rudd was forced out by his deputy, sparking speculation the government may change a proposed mining tax.
Mitsubishi Corp. will pay partner Murchison Metals Ltd. A$325 million ($315 million) in cash for stakes in two ventures, giving Japan’s largest trader control of an iron ore mine and a rail and port project in Australia.