Australia's foreign investment authority has stamped its approval on a Chinese state-backed takeover of miner Aquila Resources.
The iron ore and coal exploration company has not yet agreed to be bought by Baosteel, but told investors on Thursday that the Foreign Investment Review Board had no objections to the A$1.1bn bid, which the Chinese company is pursuing with Australian partner Aurizon Operations.
This is the latest decision by the FIRB that marks its increasing willingness to open up the nation's resources sector to Chinese buyers, or at least treat potential approvals on a case by case basis.
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