Shows & Panels
- Accelerate and Streamline for Better Customer Service
- Ask the CIO
- The Big Data Dilemma
- Carrying On with Continuity of Operations
- Client Virtualization Solutions
- Data Protection in a Virtual World
- Expert Voices
- Federal Executive Forum
- Federal IT Challenge
- Federal Tech Talk
- Feds in the Cloud
- Health IT: A Policy Change Agent
- Improving Healthcare Outcomes through IT Policy
- IT Innovation in the New Era of Government
- Making Dollars And Sense Out of Data Center Consolidation
- Navigating the Private Cloud
- One Step to the Cloud, Two Steps Toward Innovation
- Path to FDCCI Compliance
- Take Command of Your Mobility Initiative
Shows & Panels
China firm to acquire major African iron ore mine
Saturday - 12/29/2012, 12:48am EST
BEIJING (AP) - 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 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)