Wuhan Iron & Steel Group announced that it ha received approval from Australia’s Foreign Investment Review Board for its iron ore venture in Australia.

The venture with Centrex Metals Ltd. had previously won approval from China’s National Development & Reform Commission.

Centrex Metals Ltd, an Australian iron ore company, jumped to a record in Sydney trading after Australia’s foreign investment regulator approved Wuhan Iron & Steel Group’s AUD 271 million investment.

China’s Wuhan will take a 60% stake in the iron ore rights of five of Centrex’s projects in South Australia. Wuhan also agreed to buy new shares, representing a 13% stake, in Centrex.

Mr David Lindh chairman of Centrex Metal said “The cornerstones are now in place to rapidly escalate our iron ore growth on Eyre Peninsula into a billion dollar business.”