Hanlong Seeks Partner for $4.7-billion African Iron Project

Reuters reported that Hanlong Group, a privately owned Chinese company, is in talks with four of China’s state-owned steel mills with the aim of choosing one of them to be its partner for Sundance Resources Ltd.’s (ASX:SDL) Africa-based, $4.7-billion Mbalam iron ore project.

As quoted in the market news:

Hanlong has been ordered to team up with a large Chinese company for the Mbalam project in order to secure final approval from China’s top planner, the National Development and Reform Commission (NDRC), for the A$1.38-billion Sundance takeover.

The takeover has been held up for a year due to delays in securing approvals from the Chinese government, which is keen to ensure that Mbalam is properly funded to help break the grip of mega miners Vale, Rio Tinto and BHP Billiton on iron ore supplies.

Click here to read the full Reuters report.