Sundance shares surge on mine approval, takeover
SHARES in iron ore miner Sundance Resources have surged after the Republic of Congo issued it a mining permit, and on reports that Chinese company Hanlong plans to complete a takeover of the firm by March.
Sundance shares were up 14 per cent to 36.5 cents by 10:29am (AEDT).
The company announced on Monday morning that the Ministerial Council for the Republic of Congo had approved its application to develop and mine the Nabeba iron ore deposit.
Coupled with a recently signed convention on the Mbalam deposit in neighbouring Cameroon, Sundance says the way is paved for work to start on building the Mbalam-Nabeba iron ore mine.
Sundance says the deposit should have a life well past 25 years, and will contribute substantially to Congo's economy over the next decade.
Read more at ABC news online.