Steven Xiao

Shares in Moly Mines have been lifted following the company's completion of the Chinese-backed transaction resulting in Hanlong Mining Investment becoming Moly's controlling shareholder after settling the $US200 million equity and debt funding.

The financier for Moly Mines' Spinifex Ridge molybdenum project in the Pilbara says it is still committed to the project, despite delays in securing project approval.

Hanlong Mining has become Sundance Resources' largest shareholder after it acquired the entire stock holding of the Talbot Group.

Hanlong Mining is under investigation by the Australian Securities and Investments Commission for suspected insider trading activities in the stock of its takeover targets, Perth-based miners Bannerman Resources and Sundance Resources.

The corporate watchdog says former Hanlong Mining managing director Hui Xiao has pleaded guilty to insider trading involving two Perth resources companies.

Former Hanlong Mining boss Hui Xiao has been handed an eight-year prison sentence by a Sydney court for insider trading with regards to two Perth resources companies.