Australia Treasurer Orders China-Linked Investors Including Yuxiao Fund to Sell 10.4% of Shares Within 60 Days in $194 Million Australia Rare Earths Mining Group Northern Minerals Due to National Interest, Singapore-Registered Yuxiao Fund is Owned by China National Wu Yuxiao, North Minerals Stated Yuxiao Fund is Controlled by Wu Tao Who is Chairman of China-Based Jinan Yuxian Group, Other Foreign Shareholders are Black Stone Resources, Ximei Liu & Xi Wang, Yuxiao Fund Application to Australia Foreign Investment Review Board to Increase Ownership from 9.81% to 19.9% was Rejected in 2023, Northern Minerals is Developing Browns Range Mining Project in Western Australia Which was Declared under the Infrastructure Priority List in 2019, North Minerals Aims to Produce Dysprosium Which is a Key Component for Electric Vehicles
7th June 2024 | Hong Kong
Australia Treasurer has ordered China-linked investors including Yuxiao Fund to sell 10.4% of shares within 60 days in Australia rare earths mining group Northern Minerals (7/6/24: $194 million market value) due to Australia national interest. Singapore-registered Yuxiao Fund is owned by China national Wu Yuxiao. North Minerals stated Yuxiao Fund is controlled by Wu Tao who is Chairman of China-based Jinan Yuxian Group. Other foreign shareholders are Black Stone Resources, Ximei Liu & Xi Wang. In 2022, Yuxiao Fund had submitted an application to Australia Foreign Investment Review Board (FIRB) to increase ownership of Northern Minerals from 9.81% to 19.9%, and was rejected in 2023. Northern Minerals is developing the Browns Range mining project in Western Australia, which was declared under the Infrastructure Priority List in 2019. North Minerals aims to produce dysprosium, which is a key component for electric vehicles. Northern Mineral (3/6/24): “Australian heavy rare earths focused Northern Minerals Limited (ASX: NTU) (Northern Minerals or the Company) refers to the Foreign Acquisitions and Takeovers (Disposal of Interests in Northern Minerals Limited) Orders 2024 published on the Federal Register of Legislation on 3rd June 2024. A link to the orders is included below. https://www.legislation.gov.au/F2024N00475/latest/text. In summary, the Federal Treasurer, Jim Chalmers, being satisfied of the matters in subsection 69(1A) of the Foreign Acquisitions and Takeovers Act 1975, has made an instrument outlining the requirement for 5 existing shareholders of the Company to divest a total of 613,573,632 fully paid ordinary shares in the Company (approximately 10.4% of the issued capital of the Company) within a 60-day period from the date of the instrument (“the Instrument”). It appears that the Treasurer has concluded that the acquisition of the relevant shares was inconsistent with the requirements of the Foreign Acquisitions and Takeovers Act 1975 (Cth) and the previous prohibition order made by the Treasurer. The Board of Northern Minerals is considering the contents of the Instrument and will provide an update to the market should any further disclosure be required.”
“ Australia Treasurer Orders China-Linked Investors Including Yuxiao Fund to Sell 10.4% of Shares Within 60 Days in $194 Million Australia Rare Earths Mining Group Northern Minerals Due to National Interest, Singapore-Registered Yuxiao Fund is Owned by China National Wu Yuxiao, North Minerals Stated Yuxiao Fund is Controlled by Wu Tao Who is Chairman of China-Based Jinan Yuxian Group, Other Foreign Shareholders are Black Stone Resources, Ximei Liu & Xi Wang, Yuxiao Fund Application to Australia Foreign Investment Review Board to Increase Ownership from 9.81% to 19.9% was Rejected in 2023, Northern Minerals is Developing Browns Range Mining Project in Western Australia Which was Declared under the Infrastructure Priority List in 2019, North Minerals Aims to Produce Dysprosium Which is a Key Component for Electric Vehicles “
Northern Mineral – Northern Mineral Limited’s (ASX:NTU) strategic objective is to develop its 100% owned Browns Range project and focus on being a producer of Dysprosium & Terbium, which are critical to high performance magnet production. With a clearly defined pathway to production, the company’s highly experienced team are currently working to deliver an updated DFS, which is expected in early 2024, leveraging work undertaken in the 2015 DFS. Browns Range holds a Total Mineral Resource Estimate (MRE) of 11.05 Mt @ 0.73% TREO comprising 80,368t TREO, with the Wolverine deposit MRE consisting of 6.66Mt @ 0.91% for 60,410t TREO (CSA Global Aug 2023). The Project sits within a uniquely Dy and Tb rich mineral setting in the Kimberley with its structural geology and minerology well understood, and is located 160km south east of Halls Creek on the northern edge of the Tanami desert in Western Australia.
Australia Treasurer Orders China-Linked Investors Including Yuxiao Fund to Sell 10.4% of Shares Within 60 Days in $194 Million Australia Rare Earths Mining Group Northern Minerals Due to National Interest, Singapore-Registered Yuxiao Fund is Owned by China National Wu Yuxiao, North Minerals Stated Yuxiao Fund is Controlled by Wu Tao Who is Chairman of China-Based Jinan Yuxian Group, Other Foreign Shareholders are Black Stone Resources, Ximei Liu & Xi Wang, Yuxiao Fund Application to Australia Foreign Investment Review Board to Increase Ownership from 9.81% to 19.9% was Rejected in 2023, Northern Minerals is Developing Browns Range Mining Project in Western Australia Which was Declared under the Infrastructure Priority List in 2019, North Minerals Aims to Produce Dysprosium Which is a Key Component for Electric Vehicles
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