China's Baosteel has won approval to take a 285 million Australia dollar stake in Aquila Resources. The deal comes after Australia approved China's Yanzhou Coal's 3.5 billion Australia dollar takeover of miner Felix last week.
　　Baosteel says Australia's Foreign Investment Review Board has just approved the Chinese steel maker to take up to 19.99 percent of shares in the Australian firm. The purchase will also allow Baosteel's Vice President, Dai Zhihao, to sit on Aquila's board.
　　Baosteel believes its cooperation with Aquila will boost its internationalization process.