Chinese Make Another Big Resources Buy in Australia

Hunan Valin Iron and Steel Group will acquire 16.5% of Fortescue Metals Group in the third deal by a Chinese company in Australia this month

Hunan Valin Iron and Steel Group Company (Valin) will acquire a 16.5% stake in Australia's Fortescue Metals Group through a combination of new equity and a sell-down by an existing shareholder. The total outlay is A$1.24 billion ($798 million).

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