China’s Hanlong Mining has offered A$1.2bn ($1.3bn) to acquire Sundance Resources, an Australia-listed miner with iron ore assets in Cameroon and Republic of Congo, underlining China’s growing appetite for African resources.
Hanlong, which already holds 18.6 per cent of Sundance, offered 50 Australian cents per share for the rest of the company, conditional on approval from the Sundance board and regulators.
The takeover offer is the second in as many weeks from Hanlong for an Australia-listed miner, following a A$144m bid for Bannerman Resources.
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