China Xingang mulls friendly takeover of iron ore explorer Accent

Xgold ore gravity concentration process increase qualityingang Resources is in advanced stages of planning a possible friendly takeover bid for Australia-listed iron ore and gold explorer Accent Resources, the target company said Monday.

Xingang, the Hong Kong-based wholly owned subsidiary of China's Xingang Iron and Steel in Henan province,"has already arranged funding and received all necessary approvals in China" to proceed with a bid for Accent, said the Australian company in a statement. The Chinese pary has also obtained confirmation from Australia's Foreign Investment Review Board that it does not require approval if it decides to go ahead with the bid, Accent added. Xingang is among more than 10 Chinese companies that Accent has been negotiating with on the sale of its key asset -- the Magnetite Range project in the Mid-West region of Western Australia state. The 100% Accent owned Magnetite Range project is centred on the...