By staff reporter Li Hang

(Caijing.com.cn) State-owned China Nonferrous Metal Industry's Foreign Engineering and Construction Co. (SZSE: 000758) said it has cleared the final domestic regulatory hurdle to its plan to buy an 11.2 percent stake in Australian base metals miner Terramin Australia Ltd. (ASX: TZN) with China's Ministry of Commerce granting its approval for the deal.

China Nonferrous made the announcement in a statement filed with the Shenzhen Stock Exchange on July 3.

The deal has already been approved by Australian authorities with the Foreign Investment Review Board granting its approval on May 28. The deal was approved by China's National Development and Reform Commission on April 21.

In March 2009 China Nonferrous agreed to buy 15.5 million new shares, or 11.2 percent, of Terramin at A$0.65 apiece, making it the Australian miner's second largest shareholder and giving it one seat on Terramin's board.

Through the deal, Terramin will gain access to financing from Chinese banks for its Tala Hamza zinc and lead mine in Algeria, which is expected to start production in 2011, Terramin has said.

At 9:56 AM, China Nonferrous was trading at 15.52 yuan in Shenzhen, down 1.46 percent.

1 yuan = 14 U.S.cents

Full article in Chinese: http://www.caijing.com.cn/2009-07-03/110192985.html