Chinese takeover of Australian miner collapses

Chinese mining company Sichuan Hanlong Group’s deal to takeover Australia’s Sundance Resources (SDL.ASX) collapsed after Hanlong failed to secure funding, Bloomberg reported, citing a statement by Sundance on Monday. The US$1.19 billion deal had been in the offing since October 2011 and would have given Hanlong control of Sundance’s African iron ore project. Sundance said it is in negotiations with Chinese and non-Chinese groups in hopes of finding a buyer for a stake in its Mbalam iron project that sits on the border of Cameroon and Republic of Congo. News of the deal’s collapse comes after reports that Hanlong’s chairman was detained by police in late March in China.