BEIJING - The National Development and Reform Commission said it has given approval for Bosai Minerals Group, a leading producer of calcined bauxite, to buy 70 pct of Guyana-based Omai Bauxite Mining Inc from Toronto-based IAMGold.
Bosai Minerals, based in the southwestern Chinese city of Chongqing, also got approval to buy a 100 pct stake in the Omai power plant, the NDRC said in a statement on its website.
IAMGold Corp, a gold producer, said in December that it had agreed to sell its interests in the Guyanese bauxite mine to Bosai for 46 mln usd, and that the Chinese company agreed to assume 18 mln usd in third-party debt.
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