Australia ordered several China-linked investors to dispose of shares in rare earths miner Northern Minerals on national interest grounds, a spokesperson said.
Australian Treasurer Jim Chalmers has ordered several China-linked investors to dispose of shares in rare earths miner Northern Minerals on national interest grounds, a spokesperson said on Monday.
Australian Treasurer Jim Chalmers has ordered several China-linked investors to dispose of shares in rare earths miner Northern Minerals on national interest grounds, a spokesperson said on Monday. Yuxiao Fund is the Singapore-registered private investment vehicle of Chinese national Wu Yuxiao, Reuters has previously reported. The fund had sought Foreign Investment Review Board approval to raise its ownership to 19.9% in 2022, from 9.81% of Northern Minerals, but was declined last year.
In aggregate, the number of shares that must be divested amounts to around 10.4% of Northern Minerals' issued share capital, it noted, which, added to Yuxiao Fund's holdings, would come close to 20%, the point at which a party would have to declare its intentions under Australian takeover law. "The decision, based on advice from the Foreign Investment Review Board, is designed to protect our national interest and ensure compliance with our foreign investment framework."
Last week Northern Minerals Chairman Nick Curtis exited the company's board. Curtis declined to comment. Shares in Northern Minerals were little changed at A$0.035. The company's annual general meeting is on June 6.
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