Wuhan, Hanlong Mining to move on Sundance PUBLISHED: 1 hour 39 MINUTES AGO | UPDATE: 1 hour 19 MINUTES AGO
Edited by Sarah Thompson and Anthony Macdonald Share Links: email
Wuhan Iron and Steel is expected to be revealed as a partner to Hanlong Mining to implement a $1.4 billion takeover of Sundance Resources.
The long-awaited takeover should complete after Wuhan stepped in to underpin the investment, which will require around $US4.5 billion in capital to build.
China is keen to enhance its presence in infrastructure investments across Africa and the Sundance project would haul iron ore from a range of smaller miners in the area, including Equatorial Resources, Core Mining and others.
There is also a strong likelihood that China would link the project with the Belinga iron ore project in Gabon, where engineering firm CMEC currently holds the right to mine.
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