It is reported that China Hanlong is looking for state run businesses in China to co develop the USD 4.7 billion flagship Mbalam iron ore project located in Africa that is owned by Sundance Resources.
Several super large state run companies and steel makers are contacting Hanlong for cooperation,Hanlong said,who declined to name those businesses but added that consensus has been reached in many aspects.
According to Hanlong,construction plan for railway and port for Mbalam project starts after it received Sundance takeover approval from China National Development and Reform Commission in August this year.
However Hanlong did not reveal financing.Previously the takeover of Sundance has been delayed many times because of mining approval from Cameroon and Congo and loan grant from China Development Bank,although there are news in October that says the group has won 1.4 billion dollars finance letter from CDB.
