BEIJING (AP) — A privately owned Chinese company is
finalizing the acquisition of an Australian mining firm that controls a
major iron ore mine in west Africa, a move that would give China a
stronger role in setting global iron ore prices, China’s official Xinhua
News Agency reported Saturday.
Xinhua, citing officials from
Hanlong Group, said Hanlong plans to complete the acquisition of
Sundance Resources Ltd. for 45 Australian cents (50 cents) per share by
March 1, after submitting paperwork to the Australian Securities and
Investments Commission.
Calls to Hanlong’s headquarters in southwestern China’s Sichuan province went
unanswered Saturday.
Sundance controls the Mbalam iron ore mine, which straddles Cameroon and the Republic
of Congo.
Hanlong
is seeking a partnership with Chinese state-owned companies and
investing $5 billion to develop the Mbalam project and to build a
550-kilometer (340-mile) railway and a shipping port, Xinhua said.
Operations are expected to begin in 2014, it said.
As the world’s second-largest economy, China is eager to acquire overseas assets and
resources to feed its rapid growth.
Copyright 2012 The Associated Press.
BEIJING (AP) — A privately owned Chinese company is
finalizing the acquisition of an Australian mining firm that controls a
major iron ore mine in west Africa, a move that would give China a
stronger role in setting global iron ore prices, China’s official Xinhua
News Agency reported Saturday.
Xinhua, citing officials from
Hanlong Group, said Hanlong plans to complete the acquisition of
Sundance Resources Ltd. for 45 Australian cents (50 cents) per share by
March 1, after submitting paperwork to the Australian Securities and
Investments Commission.
Calls to Hanlong’s headquarters in southwestern China’s Sichuan province went
unanswered Saturday.
Sundance controls the Mbalam iron ore mine, which straddles Cameroon and the Republic
of Congo.
Hanlong
is seeking a partnership with Chinese state-owned companies and
investing $5 billion to develop the Mbalam project and to build a
550-kilometer (340-mile) railway and a shipping port, Xinhua said.
Operations are expected to begin in 2014, it said.
As the world’s second-largest economy, China is eager to acquire overseas assets and
resources to feed its rapid growth.
Copyright 2012 The Associated Press.