The ore price fall was on the enthusiasm of overseas investment in mining companies began to worry about whether a "trading losses". Yesterday, the foreign news, said O'Hanlon mining has takeover bid for Australian listed companies Sundance's down from $ 0.57 per share to 0.45 Australian dollars. O'Hanlon Mining second time this month lowered bid, because iron ore prices are low.
It is reported that the adjusted valuation of Sundance's 1.37 billion Australian dollars (about 1.44 billion U.S. dollars) at the beginning of the negotiation, the value of the Sundance Company in Cameroon has the world's third largest undeveloped iron ore district - Mu Bala Iron Project, the O'Hanlon Group, willing to take the total amount of approximately $ 1.44 billion for the acquisition of a wholly-owned.
Information Mubarak iron ore has proved reserves of 2.8 billion tons, the potential resources of over a hundred million tons, about 50 years for the development. The project is expected in 2014 to begin production, yield up to 50 million tons per year, ranking fifth in the world. If successful, help to reduce China's dependence on the three major international mine, so aroused great concern in the industry.
May be under the eaves, had to bow O'Hanlon down the purchase price, but in the context of continued decline in ore prices, the Sundance shareholders of publicly said, the majority of shareholders accepted the offer reduced. According to another report, the previous price, the parties did not reach an agreement, taking into account the current situation of the iron ore industry, the A $ 0.45 per share offer is not disappointing. Up to now, O'Hanlon and the Sundance around which the purchase price of the negotiations are still ongoing.
In fact, for O'Hanlon's generous, have long been issued by the foreign media questioned said that overseas mining companies will raise the price because he recognized that the Chinese are keen for mining investment, the O'Hanlon acquisition of Sundance is given too high a price. O'Hanlon Group chairman Ambrose responded in the interview with this reporter, he said: "purchase price high to say there is no basis after careful evaluation, we think the bid is reasonable."
With ore price slump, O'Hanlon gave up the original "reasonable bid", and instead threw out a lower purchase price. In addition to the bid is too high has been criticized, "steel" network analyst had section wins that recent Chinese steel industry slowdown, and uncertain global economic outlook and other reasons, so that imports of iron ore price decline, coupled with the three major international mining giants have significant expansion plans, the next iron ore prices are still a significant reduction in space. O'Hanlon's investment prospects are difficult to predict. And if Sandance resources, as the introduction as well, three international mine and domestic Baosteel and Minmetals, and other industry giants has long been involved, it would be difficult to turn O'Hanlon.
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