The Foreign Investment Review Board (FIRB) of
Australia has announced its approval for the planned investment of Chinese private-owned company Taifeng Group in Australian mining company Ferrowest Limited.
Accordingly, Taifeng Group will purchase 24 percent of shares of Ferrowest for a consideration of RMB 3.3 billion ($520 million) and become the major shareholder in the company. The deal remains subject to the approval of the Chinese authorities.
Taifeng Group has stated that, once the relevant Chinese authorities give the green light for the deal, it will formally own a 66.7 percent share of Ferrowest's Yogi magnetite mine in Western
Australia, which has inferred reserves of 572.5 million mt, while it will also take over management of the mine.