Sundance Resources Ltd (ASX: SDL) says all of Ken Talbot's shares in the iron ore explorer have been transferred to Hanlong Mining, making the Chinese company Sundance's largest shareholder.

Mr George Jones, Chairman of Sundance Resources, was contacted by representatives of Hanlong once the deal was done to express their regard for Sundance as an attractive long term investment.

Mr Jones said, “It was a friendly discussion with Hanlong and we perceive their investment positively. We consider Hanlong‟s decision to become a major shareholder a further indication of Chinese interest and recognition in the validity of our strategy to develop the Mbalam Iron Ore Project over the next four years.”

The shares, which represent approximately 16 percent of the issued capital of the company, will have a deferred settlement period.

Sundance Resources’ board acknowledged the commitment and contribution of the Talbot Group and Ken Talbot investment in Sundance as the foundation to the company’s success over the course of the past four years.

Shares in Sundance had slumped one cent to 48 cents in early afternoon trade.

More from IBT Markets:
Newsletter: To receive Global Markets update, sign up here