Beijing: Hebei Iron and Steel, the listed unit of China's largest steel mill by output, obtained the Chinese government's approval to acquire a stake in Canadian exploration company Alderon Iron Ore Corp and its Kami iron ore project.
The National Development and Reform Commission, China's top economic planning agency, approved Hebei's request to invest an eventual C$194m ($195m) in the company and the eastern Canada project.
Hebei Steel has the right to acquire an eventual 60% stake in the project. The companies announced the deal in April. [09/07/12]