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Aussie companies stripped of iron ore projects in Africa
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Perth-based Sundance Resources is seeking a multi-billion dollar payout from the Republic of Congo after being stripped of its iron ore mining licence in the central African nation where China is casting a big shadow.
Two other Australian-based companies have also had iron ore mining and exploration rights stripped by the RoC, which then awarded them to a mystery company with no history in the region.
The mystery company has been handed rights to about a billion tonnes of high grade iron ore by the RoC at a time Chinese steel mills are stuck paying high prices for Australian product.