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While Bloomberg reports that, “Sinosteel Corp., China’s second- largest iron ore trader, is seeking Australian approval to take a ‘substantial’ stake in Murchison Metals Ltd., which may allow it to control a A$3 billion ($2.9 billion) mining project,” Reuters reports that, “Chinese trader Sinosteel has made no approach to acquire Australian iron ore prospector Murchison Metals Ltd, a Sinosteel spokesman said on Thursday.”

Meanwhile, the Associated Press reports that the Australian government will decide within 90 days whether it approves of the takeover.