China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
A Chinese company has made another bid to secure iron ore and other metals beyond its borders.
On Tuesday Hanlong Mining said it will buy Perth-based Sundance Resources (ASX:SDL) for US$1.57 billion. AFP reported that Hanlong will acquire Sundance through a scheme of arrangement, after lifting its offer to 57 cents cash per share from 50 cents back in July.
“The board of Sundance has unanimously recommended the offer in the absence of a superior proposal and subject to an independent experts report,” Hanlong said in a statement.
Hanlong was already the majority shareholder in Sundance, owning 18.6% of the iron ore, copper and gold miner focused in West Africa.
Sundance lost its entire board of directors, including majority owner Ken Talbot, in a tragic plane crash in Africa last year while visiting the company’s Mbalam iron ore project located on the border of Cameroon and Congo.
