SYDNEY, April 13 Australia's foreign investment
watchdog has cleared Chinese- backed coal miner Yancoal
Australia Ltd to pursue its $2.45 billion acquisition
of Rio Tinto 's Coal and Allied Division,
Yancoal said on Thursday.
The approval by the Australian Investment Review Board
marked a critical milestone for Yancoal, representing the
Australian government's support for investment in the local
resources sector, Yancoal said.
Yancoal said it expects to complete the deal in the third
quarter of 2017.
(Reporting by James Regan; Editing by Sandra Maler)