China’s third-largest zinc producer moved closer to a takeover of Australian miner Perilya after receiving Australian government approval for its purchase bid, Reuters reported. Australia’s Foreign Investment Review Board approved Shenzhen Zhongjin Lingnan Nonfemet’s offer of US$29.2 million for a 50.1% stake in Perilya. The bid is still subject to approval by Perilya shareholders, but has been endorsed by Perilya’s board and is expected to go ahead. Zinc and ore mined by Perilya could be sent to China for smelting as early as 2010, according to a Perilya executive.
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