Australia's Foreign Investment Review Board FIRB has given approval to an investment by Wuhan Iron Steel Wisco into South Australian iron-ore company Centrex Metals, according to a Centrex announcement yesterday.
The deal is worth up to A$271 million $245 million and will allow Wisco, China's third largest steel company, to acquire a 60% stake in five iron-ore tenements along the Eyre Peninsula that are owned by Centrex.
The transaction already has approval from China's National Development and Reform Council.
Wisco's stake in the iron ore rights will be made up of a number of interests. For a start, it will take a direct equity stake in Centrex at a cost of A$10 million. This will...