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Updated Friday, November 6, 2009 11:14 am TWN, AFP

Australia approves Wuhan stake in iron ore

SYDNEY -- Australia said Thursday it had approved a bid by China's Wuhan Iron and Steel Co to take a A$271 million (US$246 million) stake in an iron ore project of miner Centrex. The Foreign Investments Review Board gave the unconditional green light for Wuhan to take a 60 percent stake of the iron ore rights to five Centrex-owned tenements on South Australia's Eyre Peninsula.
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