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Australia yesterday cleared the way for China's Yancoal to take over miner Gloucester Coal in a multi-billion-dollar deal that gives China a greater foothold in the resource-rich country.

Treasurer Wayne Swan said the country's foreign investments watchdog had green-lighted the deal under strict conditions that the new company remain headquartered in Australia and list on the stock exchange by the end of 2012.

Henan Hongxing Mining Machinery Co., Ltd is a joint-stock mining machinery manufacturing enterprise integrated in scientific research, production and marketing. It is located at the High & New Technology Industries Development Zone of Zhengzhou,China with an area of 50 thousand m2 which includes 15,000 m2 of standard heavy duty industrial workshop. Equipments are more than 160 pieces, including large and medium sized metal processing, riveting and installing equipments. There are more than 660 workers including 80 administrators with secondary and senior occupational titles and engineering technicians. In order to promote the competitive strength, the advanced technologies have been introduced from America, Germany, Japan and Australia, which established the international advanced production line, first-class modern testing base as well as research centers of sand maker, mill and mine-selecting equipment. Scientific management, advanced processing technology and innovative manufacturing theory make the company become the mining machinery manufacturing and exporting base in China.

Hongxing Company lays much emphasis on the quality and clients. We serve clients with the quality guideline of being responsible for every working procedure, every product and every client. What we have done is for the clients and we believe that quality is the best way to develop market. All of the products have passed the authentication of ISO9001. Hongxing Brand is the Chinese Famous Brand. Reliable and stable quality is the key to success; our products are well known at home and abroad. Now we have tens of thousands of users throughout China and more than 30 world markets, such as: South Africa, Middle East, India, Philippine, Western Europe, Southeastern Asia.

The leading products of our company include: ball mill,raymond mill, sand-maker, jaw crusher, hammer crusher, vertical compound crusher, rotary kiln, drier, vibrating screen, sand washer, magnetic separator, SF flotation machine, roll crusher, belt conveyor, bucket elevator, spiral classifier, impact crusher, disk granulator, final screen, lift mixer, table Concentrator, centrifugal ore separator, high-efficiency Concentrator, disc feeder, pendulum type feeder and hydraulic cyclone. Moreover, we can provide program design, process flow design, standard and non-standard design for clients.

The persistent operating theory of Hongxing is: the development way depends on the concept and the good product comes out of the good faith. We have been awarded the “Civilized Enterprise” “Key Enterprise” “Enterprise with Standard Quality” and “Enterprise with Honesty and Credit Standing”. And Hongxing Brand is a "China Famous Brand" for reliable and stable quality. We firmly believe that we can get sincere repayment with our sincere dedication.

Regulatory approval was the major hurdle to the deal, which will lead to the creation of Australia's largest listed coal firm, which would be valued at $8-$9 billion, with resources of some 3.4 billion tons.

Under the proposal Gloucester's shareholders are to get about A$639 million ($678 million) and a 22 percent stake in the new combined company, which has forecast production of 25 million tons a year by 2016.

The deal - which was valued at A$2.2 billion when announced in December - is China's latest foray into Australia's mining market.