Hanlong Mining, a subsidiary of Chengdu-based Chinese private sector industrial conglomerate Sichuan Hanlong Group, has acquired a 19 percent stake in Australian miner Sundance Resources, after purchasing all the shares held by mining investment company Talbot Group in Sundance. Hanlong Mining thus becomes the largest shareholder in Sundance Resources.
On Friday, March 18, Hanlong Mining acquired all 433,791,352 shares held by Talbot Group in Sundance, which, added to existing relevant interests, give it 514,984,194 shares or an approximate 19 percent stake in Sundance.
Hanlong Mining chairman and head of iron ore business, Peter Mansell, said that the investment in Sundance was consistent with Hanlong's strategy to be a significant investor in quality projects in the iron ore industry. In particular, it is expected that Hanlong will support Sundance's Mbalam iron ore project in Cameroon.