International iron ore company Sundance Resources’ board has accepted a $1.47bn takeover bid from Chinese firm Hanlong Mining.

Both of the firms will work together to progress the receipt of mining convention Mbalam and permit Nabeba in West Africa with the governments of the Republic of Cameroon and the Republic of Congo respectively.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The transaction is subject to approval from Australia’s Foreign Investment Review Board and China’s National Development and Reform Commission and Hanlong securing approved financing.

Sichuan Hanlong Group chairman Liu Han said he welcomed the deal and is looking forward to working with Sundance to complete the transaction

Mining Technology Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Mining Technology Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now