Private company Sichuan Hanlong Company, after the approval of Anshan Steel s biggest ever expansion plan on iron ore mines, is in view of a partnership with state owned enterprises to build up a major iron ore mine in western Africa.
Hanlong, following it delayed its purchases over Australian iron company Sundance Resources, is in view of investing in the USD 14 billion Mbalam project which is possessed by Sundance Resources in Cameroon and the Republic of the Congo. The venture is likely to reach a yearly production of 35 million tonne of steel making raw materials in phase one, finally growing to 100 million metric tonne in phase two.
On December 13th, Sundance revealed that Hanlong had delayed the long postponed purchase deal since China Development Bank, which had earlier agreed to offer up to USD 1.02bn in funding, requested additional information.
Hanlong said that the deal is mainly aiming to offer reliable long term iron ore resources for domestic steel firms.
