Australia Gives Go Ahead to China Moly’s Northparkes Purchase

Reuters reported that Australia’s foreign investment board has given the okay to China Molybdenum Company Ltd.’s (HKEX:3993) purchase of Rio Tinto plc’s (ASX:RIO,LSE:RIO,NYSE:RIO) 80-percent stake in the Northparkes copper mine.

As quoted in the market news:

China Molybdenum’s first foray into copper still needs the approval of Chinese authorities – the state planner and the commerce ministry – as well as its shareholders, the company said in a Chinese language-statement posted on the Shanghai stock exchange late on Tuesday.

Rio Tinto said on Monday it had agreed to sell 80 percent of the Australian copper mine to the Chinese company, which also would be its first investment offshore.

Click here to read the full Reuters report.