International iron ore company Sundance Resources’ board has accepted a $1.47bn takeover bid from Chinese firm Hanlong Mining.

Both of the firms will work together to progress the receipt of mining convention Mbalam and permit Nabeba in West Africa with the governments of the Republic of Cameroon and the Republic of Congo respectively.

The transaction is subject to approval from Australia’s Foreign Investment Review Board and China’s National Development and Reform Commission and Hanlong securing approved financing.

Sichuan Hanlong Group chairman Liu Han said he welcomed the deal and is looking forward to working with Sundance to complete the transaction