China stake in Australian firm approved
06-11-2009
Australia's foreign investment regulator has approved a Chinese investment in one of the country's iron ore producers.
Wuhan Iron and Steel will buy a 15 percent stake in Centrex Metals for US$247 million.
This will allow the third largest steel company on the mainland to tap into iron ore resources in South Australia, after a similar deal by Baosteel last month.
There's been controversy over foreign ownership of the country's natural resources.
