Australian iron ore miner Fortescue Metals has approval from China's National Development and Reform Commission (NDRC) for its equity tie-up with Hunan Valin Iron and Steel Group, the company said on Wednesday.
"The NDRC approval was the key milestone for the transaction and paves the way for the Chinese Ministry of Commerce and the State Administration of Foreign Exchange to formalise the agreement," Fortescue said in a statement.
Chinese state-owned steelmaker Hunan Valin already has Australian approval to take up to 17.55% of the country's third-largest iron ore miner, subject to several conditions, in a deal worth $438m.
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