Hanlong Mining Takeover Nears Completion

Reuters reported China’s Hanlong Mining will commence its $1.3 billion takeover of Australia’s Sundance Resources to develop the Mbalam iron ore project.

As quoted in the market news:

To go ahead with the Sundance bid, Hanlong also needs to secure approval from Australia’s Foreign Investment Review Board by June 30, and line up funding from China Development Bank by August 31, which is seen as the biggest challenge.