Jim Chalmers said the decision was made in order to “protect our national interest” as the government sharpens its focus on supply chain security.
Treasurer Jim Chalmers has ordered Chinese funds that own shares in Northern Minerals to significantly reduce their stakes in the rare earths prospector as the Australian government sharpens its focus on supply chain security.
Jin Chalmers’ order on Monday is the first divestment notice he has made after more than two years in the job.The Singapore-registered Yuxiao Fund controlled by Chinese businessman Wu Tao, along with four other entities, holds shares in the mining developer. Tao’s Yuxiao is battling for control of the miner, actively changing the composition of the company’s board, which is developing the strategically important heavy rare earths Browns Range project.The fund had been pushing to get rid of the miner’s chairman Nick Curtis at an upcoming extraordinary general meeting in June., described Curtis’ resignation as creating an “alignment” between shareholders and the board.
“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,” Chalmers said.
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