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.
Northern Minerals is developing the Browns Range heavy rare earths project in Western Australia, at a time when the sector has become increasingly strategic for its uses in green energy and defence.
Yuxiao Fund is the Singapore-registered private investment vehicle of Chinese national Wu Yuxiao, Reuters has previously reported.
"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."
Chinese Foreign Minister Wang Yi said on a visit in March that he hoped Australia would ensure its market environment did not discriminate against Chinese business.
Persons:
Jim Chalmers, Chalmers, Yuxiao, Wu Yuxiao, Adam Handley, Wu Tao, Ximei Liu, Xi Wang, Nick Curtis, Curtis, Premier Li Qiang, Wang Yi
Organizations:
Minerals, Northern Minerals, Browns, Sunday, Reuters, Investment, Board, Jinan Yuxiao Group, Stone Resources, Foreign Investment, China, Northern, Premier
Locations:
China, Western Australia, Yuxiao, Singapore, Jinan, Northern, Australia, Canberra, Beijing