Australia's government approves Baosteel's Aquila acquisition

The Chinese steel maker's request to acquire 15% of the iron-ore explorer Aquila resources has been granted

SYDNEY (Reuters) - 

Australia has given foreign-investment approval for Chinese steel-maker Baosteel (600019.SS: Quote) to take a 15 percent stake iron ore explorer Aquila Resources (AQA.AX: Quote), Aquila said on Friday.

The government will also allow Baosteel to expand its stake in Aquila to 19.99 percent, the firm added. (Reporting by Mark Bendeich; Editing by Denny Thomas)

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