This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Cardero Resource's Pampa de Pongo buyer meets delays 2009-08-18 17:09 ET - News Release Mr. Hendrik van Alphen reports CARDERO PROVIDES UPDATE ON PURCHASE AGREEMENT FOR PAMPA DE PONGO IRON ORE PROJECT, PERU Cardero Resource Corp. is providing a progress report on the Pampa de Pongo sale agreement with Zibo Hongda Mining Co. Ltd., a subsidiary of Nanjinzhao Group Co. Ltd. Hongda has provided the company full assurances it intends to complete the purchase of Pampa de Pongo and is diligently working to satisfy the conditions necessary to secure the bank guarantee for the remainder of the purchase price. Hongda is also continuing its aggressive engineering drill program at the site, which is expected to last through September, 2009.
Hongda has informed the company that, while it has made significant strides toward completing its purchase of Pampa de Pongo, it will be unable meet the Aug. 19, 2009, deadline to provide an irrevocable letter of guarantee from a senior Chinese bank guaranteeing the payment of the balance of the purchase price. Hongda cites increased Chinese central government regulations and controls on foreign exchange -- specifically, a new requirement for governmental approvals for overseas investments being secured prior to the granting of any bank guarantees for such investments. The remainder is available to Stockwatch subscribers.
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