australasian resources gets firb approval for

- Australasian
Resources (ASX:ARH) has received Foreign Investment Review Board approval
for the second $28m placement, which now is subject to shareholder
approval on June 1.
Executives have recently returned from a visit to the Shougang
facilities in China, buoyed by the construction work that is taking place
at the $10 billion steel plant which is scheduled to complete in 2010.
Australasian's Balmoral South iron ore project, Western
Australia, is expected to provide feed stock for the plant.