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Sundance Says Hanlong Takeover May Fail as Deadline Missed

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.

Closely held Hanlong, whose billionaire chairman may be in police custody after going missing this month, will now hold five days of talks, with both companies able to end the deal, according to a Sundance statement. The Perth-based company may require an investment of $4.7 billion for its Mbalam project, straddling the border between Cameroon and Republic of Congo.