Article: AUST GOVT NODS US$247 MLN FDI IN CENTREX BY CHINESE STEEL MAKER.

PERTH, Nov 5 Asia Pulse - The Australian government has approved a A$271 million (US$247.15 million) investment by China's third largest steel maker in iron ore explorer Centrex Metals Ltd (ASX:CXM).

The Foreign Investment Review Board (FIRB) has approved Wuhan Iron & Steel (Group) Co (WISCO)(SSE:600005) earning a 60 per cent stake in the iron ore rights to five Centrex-owned tenements on South Australia's southern Eyre Peninsula.

To earn its interest, WISCO will pay about A$10.1 million to take a 15 per cent stake in Centrex via a placement of 40 million new shares at a heavily discounted price of 25 cents per share.

Shares in Centrex were up ...

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