Hanlong Mining is seeking to acquire all the shares of Sundance Resources. Hanlong currently owns a 18.6% stake in the firm and has offered to purchase the remaining for $1.3 billion, adds Financial Times.

The deal values the iron-ore company’s shares at $0.53 a unit. Sundance is being advised by UBS, Clayton Utz and CITIC Securities.

Click here for the release from Sundance Resources.

 Click here for the story from Financial Times.