The approval removes a major obstacle for the $820 million acquisition.
Rio Tinto agreed to sell 80 percent of the Australian copper mine to the Chinese company on Monday.
The company is still waiting for the approval of China's Ministry of Commerce, the National Development and Reform Commission and its shareholders, the company said in a statement posted on the Shanghai Stock Exchange on Tuesday.
The company is planning to finance the deal by using its own funds, raising debt and other methods, it said.
It also will keep Northparkes' management team and employees to operate the mine and an underground training center.
Based on the 2012 output, Northparkes is Australia's fourth-largest copper mine. The Chinese company will be able to control an operation that provided 43,100 metric tons of mined copper for Rio Tinto in 2012.
Read moe: Rio Tinto sells mine stake to China Molybdenum
Global miner Rio Tinto announced on Monday that it has agreed to sell 80 percent stake in its Northparkes copper and gold mine in New South Wales, Australia, to China Molybdenum for $820 million.
"Northparkes is a successful business but is not of sufficient size to be a good fit with our strategy," Rio Tinto chief financial officer Chris Lynch said in a statement released on Monday.
Rio Tinto said the mine will have a strong future under its new ownership.
"Rio Tinto will continue to manage Northparkes to the highest safety and environmental standards during the transition to the new owner," said Lynch.
The deal is conditional upon customary regulatory approvals and the approval of China Molybdenum shareholders.
Rio Tinto said it had received binding commitments from the two major shareholders of China Molybdenum to support the deal.
The transaction is expected to close by the end of 2013.
China Molybdenum is the world's fourth largest producer of molybdenum and the second largest tungsten concentrate manufacturer.
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