Yuguang Gold and Lead, a Chinese maker of nonferrous and precious metal products, said on Wednesday that it had won Australian government approval to invest in the country’s Kimberley Metals Ltd, reported Reuters.

Yuguang said in April that it planned to buy a 15 percent stake in Kimberley and would pay A$5 million ($4.4 million) for a 25 percent equity interest in a mining project owned by the Australian producer of base and precious metals.

Yuguang said it was notified on July 12 that its investment plans had been approved by the Australian government.

Source : Konaxis