The price of a Chinese mining acquisition in west Africa has been slashed by more than a fifth from an initial offer made last year, underlining China’s waning appetite for raw materials.
Sundance, an Australian-listed company with iron ore assets in Cameroon and the Democratic Republic of Congo, said yesterday that its board had accepted a revised offer of A$0.45 a share from Sichuan Hanlong, a price 21 per cent lower than the offer Hanlong made in October. The new deal values Sundance at A$1.4bn (US$1.4bn).
Global commodities markets have tumbled since Hanlong made its approach to Sundance last year. Prices for iron ore are at their lowest in nearly three years – hit by weakening Chinese demand.
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