Australian miner Sundance Resources has announced that Australia's Foreign Investment Review Board (FIRB) has approved the takeover of the company by Hanlong Mining, a subsidiary of Chengdu-based Chinese private sector industrial conglomerate Sichuan Hanlong Group.
The acquisition still needs approval from China's National Development and Reform Commission (NDRC) by June 30. The company stated that the approval from the FIRB will help Hanlong Group to obtain the requisite approvals in China.
Media reports said that the clearing another hurdle to the deal has increased the company's shares by as much as 11 percent.
In October, Hanlong announced that it increased its initial offer to A$0.57 cash per Sundance share, totaling A$1.65 billion.