China-based Hanlong Groups planned takeover of Australian mining company Sundance would lead it to take control of an iron ore mine in central Africa
According to a report by Xinhua News Agency, an official of the privately-owned Hanlon Group said that the acquisition process would start on 26 February 2013 and would be completed by 1 March 2012 after the submission of documents to Australian authorities.
Sundance controls the Mbalam iron ore mine, which straddles the border between Cameroon and Congo-Brazzaville.
The company said in a statement that in August 2012 it had accepted a revised takeover offer from Hanlong in a deal worth US$1.45bn. The Xinhua report added that the acquisition would hand Hanlong control of the Sundance’s Mbalam iron ore mine, which it said held an estimated 865mn to 925mn tonnes of iron ore.
Hanlong has been seeking a partnership with several Chinese state-owned companies to invest US$5bn to develop the Mbalam project and build a 550km railway and a shipping port, the report added.
