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Hanlong delays funding letter for Sundance takeover til mid-Oct

SYDNEY, Oct 2 (Reuters) - China's Hanlong Group has sought until mid-October to secure a financing commitment from China Development Bank to sew up a $1.4 billion takeover of Australia-based iron-ore miner Sundance Resources , adding to delays in the deal that has dragged on for a year.

Hanlong, which cut its offer by a fifth in August, should have submitted the letter by Monday but holidays in China and agreements on conditions for the financing has delayed the process, Sundance said in a statement.

On Monday evening, Sundance, targeted for its Mbalam iron ore project on the border of Cameroon and the Republic of Congo, requested that its shares be suspended for five days.

(Reporting by Narayanan Somasundaram; Editing by John Mair)

((narayanan.somasundaram@thomsonreuters.com)(+61 2 93731815)(Reuters Messaging: narayanan.somasundaram.reuters.com@reuters.net))

Keywords: SUNDANCE HANLONG/FUNDING