The Australian Government has stepped up efforts to force China-linked investors to divest their holdings in rare earths developer Northern Minerals (ASX:NTU).
Earlier this year, the government ordered six China-linked investors, which collectively held almost 18% of Northern Minerals’ issued shares, to sell their stakes by 2 July.
However, the investors failed to complete the divestments by the deadline, prompting Canberra to freeze some of their assets as it sought to enforce the orders.
In a filing this week, Northern Minerals said the Federal Treasurer had issued further orders covering two of the investors, Real International Resources and Qogir Trading & Service.
Under the new orders, the two investors must obtain government approval before selling their Northern Minerals shares.
The restrictions are designed to ensure the stakes are sold to independent buyers rather than related parties, as Canberra continues its efforts to remove the China-linked holdings from Northern Minerals’ register.
The latest intervention is part of a long-running dispute that dates back to 2024. Despite taking legal action against some of the investors, the Australian Government has so far been unable to force all of the shares to be sold to unrelated entities.
Northern Minerals owns 100% of the Browns Range Heavy Rare Earths Project in the Kimberley region of Western Australia.
The project is focused on dysprosium and terbium, two heavy rare earth elements used in high-performance permanent magnets and considered strategically important for defence, clean energy, and advanced technologies.
Write to Jackson Chen at Mining.com.au
Image: Northern Minerals
