The late Ken Talbot’s Talbot Group has sold its stake in Sundance Resources to a Chinese company. The 15.95% stake in Sundance Resources was sold for $19.08 million by the group to iron ore explorer Hanlong Mining. The shares were sold at 44c each.
Hanlong Mining now controls a 19% stake in Sundance Resources. This makes it the largest shareholder in the company. It now holds 514,984,194 shares in the company up from the previously held 81 million shares. The Chairman of the Chinese firm Peter Mansell is also the Head of Iron Ore Business for them.
Perter Mansell was pleased at the investment that they had made despite the drop in the price of Sundance shares after the transaction. He said that the investment in Sundance Resources was consistent with Hanlong Mining’s strategy to be a significant investor in quality projects in the iron ore industry.
The Estate of the late mining entrepreneur Ken Talbot is now in the hands of Trustees who are selling his extensive portfolio of mining shares. Talbot died last June when a plane carrying him and the entire board of Sundance Resources crashed in Africa as they were heading to visit a mine there. Out of his $1 billion worth fortune, about $500 million is tied up in stakes in small mining companies.
Talbot Group chief executive Shane Edwards told said that he would not be commenting on any asset sales . However the liquidation of the share does not come as a surprise as this portfolio was a personal passion of Ken Talbot.