Australian Treasurer Orders Shareholders to Sell Stakes in Northern Minerals Amid Chinese Influence Concerns

(CNA, Sydney, 18th) Reuters reports that amid a years-long controversy over Chinese capital attempting to manipulate Australian rare earth developer Northern Minerals, Australian Treasurer Jim Chalmers today ordered six Northern Minerals shareholders to sell their shares, citing the protection of 'national interest.' The report notes that Northern Minerals is currently advancing a heavy rare earths production project in the Browns Range of Western Australia. As heavy rare earths are an indispensable material source for industries such as semiconductors and defense, Western governments are committed to preventing the heavy rare earths industry from falling under Chinese control. Chalmers issued a statement today, ordering the six shareholders of Northern Minerals to sell their shares to protect the national interest and ensure the company complies with Australia's foreign investment framework. 'We (Australia) have a robust and non-discriminatory foreign investment framework; and when necessary, we will take further action to protect our national interest.' Chalmers's statement did not identify the six shareholders. The report mentions that the shareholder structure of Northern Minerals has repeatedly drawn the attention and intervention of the Australian government in recent years. For example, in 2024, it demanded five Chinese companies sell their shares in Northern Minerals on national interest grounds. Subsequently, Australian authorities discovered that some shareholders had sold their shares to the Hong Kong-based company Ying Tak. In response, Chalmers issued a temporary injunction against Ying Tak in April of this year, restricting its voting and share transfer rights at Northern Minerals' annual general meeting. The report notes that Northern Minerals has not yet commented on Chalmers's statement. Additionally, as Ying Tak does not have a registered phone number or email address with the Hong Kong Companies Registry, Reuters has not been able to contact the company. (Edited by Chang Chih-hsuan)