Reuters reported that the Chinese government has approved the USD 1.3 billion bid by China Hanlong Mining to take over Australia's Sundance Resources, clearing a big hurdle for the long-awaited deal.

A media officer from Hanlong told Reuters recently that "We have gotten approval from the National Development and Reform Commission. It was approved on Monday."

Hanlong is targeting Sundance for its USD 4.7 billion Mbalam iron ore project on the border of Congo and Cameroon, a resource vital to helping China reduce its dependence on Australia and Brazil for iron ore.

Australia's Foreign Investment Review Board approved Hanlong's bid for Sundance in June.

Source - Reuters

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