Anshan - China's steel giant, Ansteel, got government approval from China for an A$162.06 million ($130.69 million) share placement with Australian iron ore miner Gindalbie Metals Ltd, a spokesman with Ansteel said Last Saturday.
The approval came last Tuesday, marking the latest success of a Chinese steel mill securing its iron ore supplies through overseas investment.
It allows the Anshan Iron and Steel Group (Ansteel) in northeast China's Liaoning province to increase its interest in Gindalbie from 12.6% to 36.28% to become its biggest shareholder, according to the spokesman of Ansteel.
