China approves biggest Aus acquisition yet

Beijing’s approval follows months of wrangling,two re-submissions to Canberra and a series of failed Chinese moves for Australian miners,including Rio Tinto’s refusal of a multi-billion dollar investment from Chinalco.

Yanzhou will operate the Australian mines through an Australia-based company to be listed on Sydney’s stock exchange by the end of 2012,and would market the coal “at arms-length”,Australian Assistant Treasurer Nick Sherry said in October.