Australia Stocks News: Sundance Resources (SDL)

Australia Stocks News: Sundance Resources (SDL)|ASX SDL|SDL SharesSundance Resources (ASX:SDL) is an Australian-based international iron ore company developing the Mbalam Project in the Republic of Cameroon in the central west coast of Africa.

Today SDL has been rocked by allegations a Hanlong Mining director is being investigated by ASIC for insider trading.  In July, Hanlong made a $1.2 billion takeover offer for SDL.

ASIC has made interim orders preventing Hanlong’s managing director from leaving Australia, and has frozen assets of other Hanlong staff members.

In response, SDL said its company strategy will be unchanged despite the probe.

SDL shares have been hammered on the back of news.  It has been one of the worst performers in the stock market in today’s session.

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