Sundance Resources Ltd is a Perth-based iron ore miner whopse main asset is the Mbalam Iron Ore Project in central west Africa. In June 2010 all the company's directors and some other officers were killed in an air crash in the Republic of Congo. In 2012, Sundance said it was being acquired by China’s Hanlong Group, but the deal has been delayed, apparently because China Development Bank was reluctant to lend Hanlong the money for the purchase because iron ore prices had fallen sharply.
Hui Xiao was arrested by Hong Kong authorities on Sunday
A privately owned Chinese company is finalising the acquisition of an Australian 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, Xinhua said yesterday.