This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

China Firm to Acquire Major African Mine

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 Saturday.

Xinhua, citing officials from Hanlong Group, said Hanlong plans to complete the acquisition of Sundance Resources Ltd. for 45 Australian cents (50 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 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 550-kilometer (340-mile) 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.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $125.80 -2.25%
FB $77.56 -1.59%
GOOG $530.80 -1.85%
TSLA $232.95 1.06%
YHOO $41.30 -1.76%

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs