Hanlong Mining bids $1.3bn for Australia's Sundance

China’s Hanlong Mining has offered US$1.3 billion to acquire Sundance Resources (SDL.AXS), an Australian miner with iron ore assets in Cameroon and the Congo, the Financial Times reported. The offer from Halong, which already owns 18.6% of Sundance, follows a US$153 million bid for Bannerman Resources (BMN.ASX) earlier this month. Sundance has agreed to talks with Hanlong, but Sundance chairman George Jones told the Financial Times that Halong’s offer “is not at the price it should be and we need to get it to another number.” Sundance is searching for a partner to help cover the US$4.7 billion in development costs it faces for its ore bodies in Cameroon and the Republic of Congo. China is the world’s largest buyer of iron ore, and its demand has pushed iron ore prices to record highs this year.