China firm to aquire Africa mine

2012-12-29 10:08

Beijing - 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 on Saturday.

Xinhua, citing officials from Hanlong Group, said Hanlong plans to complete the acquisition of Sundance Resources Ltd for 45 Australian 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 on 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 550km 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.

  • douglas.reid.921 - 2012-12-29 12:53

    The chinese are already all over Africa, Zim has a small army of Chinese to help train. They are very clever people and will uplift Africa and work its resources. They will also marry into any culture so there shouldn't be any racial issues.

      Kwinika Masango Bush - 2012-12-29 13:03

      dats a big lie. Chineses will never uplift Africa, they are only desperate for natural resources. only Africans can uplift themselves. make your research carefully bro.

      douglas.reid.921 - 2012-12-29 15:28

      Truth is china have an eye on africa and are sending their people here all the time. They already own a big chunk of Standard Bank and its a matter of time before they start controlling africa. We love them and when they told is to not let the dali lama come visit we obeyed. Maybe we all need to start learning to speak chinese.

      AnthonyfromAfrica - 2012-12-29 18:48

      Douglas, What a load of crap!!! The Chinese 'train' ??? NO, one of their biggest exports===labor !!!!! Tens of thousands. if not, hundreds of thousands Chinese , mostly illegals, coming to Africa in the last few years!!! The Chinese are masters in destroying jobs...African jobs !!!! And marry Africans and Whites!!!!!! Have you been to some adult clubs ????

      AnthonyfromAfrica - 2012-12-29 18:54

      . Forget about the Standard Bank.......they are owning more and more small businesses, destroying local businnesses bty the tens of thousands!!! Their business; Importing Chinese goods, which they do the 'importing, often smuggled into the country, or 'undervalued' costing the SA taxpayer BILLIONS !!! They do their own wholwsaling, retailing and yes , even own 'hawking' and ONLY using Chinese labor. The Chinese are economic terrorists !!!!!!

  • Mike Peach Purchase - 2012-12-29 16:37

    Africa uplift themselves???

  • toshwr - 2012-12-30 10:11

    Phaphamani Africans. The East economy is rising, need i remind you, that we experiencing a Dejavu, as it was western and European colonies in Africa, today it is East colonialism, now is no longer a ship and a shore colonial arrival, it is that economy, the secret is, if Africans can learn to economise together, and lead on African bank, and parliament, then you will say thank you to your minerals, cause no one from any continent will match your currency and African Mighty power, does African Diner ring a bell.

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