This is hot off the press. FMG has FIRB approval. Expect GBG's...

This is hot off the press. FMG has FIRB approval. Expect GBG's approval to come shortly...

No objections to Chinese lifting stake in miner
March 31, 2009

THE mining billionaire Andrew "Twiggy" Forrest will get approval to sell a significant portion of his heavily indebted company, Fortescue Metals Group, to a Chinese Government-controlled steelmaker.

Although the Treasurer, Wayne Swan, is yet to make his decision public, it is understood he will not object to the Hunan Valin Iron and Steel Group spending $645 million to boost its stake in FMG to 17.4 per cent.

The Foreign Investment Review Board, which last week sought a 30-day extension for its review of the transaction, is believed to have raised no concerns over Valin's proposed investment in the West Australian iron ore miner.