Chinese company to buy major African ore mine December 29, 2012 - 11:59 AMT PanARMENIAN.Net - 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, AP reported citing China's official Xinhua News Agency. 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, December 29. 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.   Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Latest news The Power of One Dram to benefit Road of Life charity  The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization.Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia.Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty.Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |
