BCB in Brief: Australia orders China-linked entities to divest from rare-earth miner
The next edition of the free fortnightly BCB newsletter will be published later this week. In the meantime, the full version of this edition of BCB in Brief is for paid subscribers. You can upgrade to a paid subscription here:
What happened
On 2 June, Treasurer Jim Chalmers ordered several Chinese and China-linked entities and individuals based in China, Singapore, the United Arab Emirates, and the British Virgin Islands to dispose of holdings in rare-earth elements miner Northern Minerals.
This divestment order primarily relates to shares in Northern Minerals that were acquired after the China-linked Yuxiao Fund’s bid to increase its stake was rejected by the Treasurer in February 2023.
A spokesperson for the Treasurer said: “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.”
