Baosteel has been given a nod of approval from the Australian Foreign Investment Review Board and Chinas National Development and Reform Commission to invest A$286 million (about 1.79 billion yuan) in return for a 15 percent stake in Aquila Resources, a publicly listed resources producer of iron ore, coal and manganese ore. The deal with option rights for Baosteel to further purchase no more than 19.99 percent of Aquila will enable the Chinese steel giant to become the second largest shareholder of the Australian miner and send a vice president of Baosteel to Aquilas board.