Guangdong Nuclear gets approval to buy Oz uranium miner

Australia has approved China Guangdong Nuclear Power Holding Corp's (CGNPC) 70-percent stake purchase of uranium explorer Energy Metals Ltd, following last Friday's conditional approval of Yanzhou Coal Mining Co's takeover of Felix Resources Ltd.

CGNPC subsidiary China Uranium Development Co's A$83.6-million ($76 million) offer for Energy Metals Ltd has received notification from the Australian Foreign Investment Review Board, the Australian company said in a statement yesterday.

The offer remains conditional on Chinese regulatory approval, with the remaining stipulation being 50.1 percent acceptance by Energy Metals shareholders, said the statement.