Chinese private enterprise wholly acquired Australian iron ore...

Chinese private enterprise wholly acquired Australian iron ore prospecting and development SDL2011 year October 01
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CNS, Chengdou, October 1 (reporter Lin Feng)-1st reporters learned from the long Group headquartered in Chengdu, Sichuan and Han, Chinese Dragon mining on September 30, its subsidiaries successfully acquired Australia listed enterprises, Sundance Resources iron ore exploration and Development Ltd. Company (referred to as SDL), the acquisition price of $ 0.57 per share, total cost about a $ 1.7 billion acquisition. Thus China into world third largest untapped iron ore business success.
SDL with Cameroon world third largest untapped iron ore projects--mubarah iron 90% shares. On July 15, hanlong mining made wholly tender offer to the SDL. Cameroon President Paul Biya of the Republic in late July during his visit to China on the participation of hanlong welcomes the development of mubarah iron mine, pointed out that his Government would provide any possible assistance and support for cooperation.
At present, has proven reserves of 2.8 billion tons of mubarah iron mine, billions of tons of potential resources, exploitable for about 50 years. The project is expected in 2014 begins production, output of up to 50 million tons a year, ranking fifth in the world. At the same time, the project supporting the railways, ports and other transport infrastructure in mining areas have signed a memorandum of cooperation with Chinese enterprises. Mubarah iron ore expected operating costs only $ 21/ton, very competitive in the international market. The industry believes that this acquisition is successful, will have a far-reaching impact on China's iron and steel enterprises, will greatly enhance China's voice in global iron ore market.
Large-scale private enterprises in Sichuan and Han group was founded in 1997, have wholly-and majority-more than more than 30 enterprises, assets of over 36 billion yuan, with annual sales of more than 16 billion yuan. In recent years, the Chinese Dragon group frequently enter the international market of mineral resources, especially in molybdenum ore, iron ore, uranium deposits in China's economic construction of much-needed strategic acquisition in the field of mineral resources, and inadequate. From Australia to South Africa, from molybdenum ore to uranium, Han group successfully completed a number of overseas mergers and acquisitions, achievements of domestic private enterprises of the two "firsts": China private enterprise in Australia's largest acquisition; enterprises in China for the first time into the uranium market.
Han Group Mr Liu Han-ru, Chairman of the Board had previously said that the Group was the strategy of iron ore overseas, with the goal of ten years as the world's fourth-largest iron ore supplier, participating in the international iron ore resource allocation. (Final)
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