Australia’s Foreign Investment Review Board has given unconditional approval to a US$245 million investment by a Chinese firm in iron ore explorer Centrex Metals, state media reported. Wuhan Iron and Steel (WISCO) will have a 60% share of the iron ore rights in five Centrex properties in Australia and will build a new export port in South Australia under the partnership. WISCO’s interest in the iron ore rights will be derived in part from its 15% stake in Centrex via a placement of US$9.1 million in new shares. The stake will reduce to 13% after the new shares are issued, well beneath Australia’s recently implemented 15% cap on foreign acquisitions. A Centrex spokesperson said that WISCO is now awaiting approval of the deal from China’s Ministry of Commerce.