Australia Keeps Nationalisation on Table for Northern Minerals
Resources Minister Madeleine King says nationalisation is one option as six China-linked investors remain short of divestment orders.
Key takeaways
- Madeleine King called nationalisation an option but said no decision had been made.
- Six investors ordered to divest still held most of their shares, Northern Minerals told the ASX.
Australia’s Resources Minister Madeleine King said nationalising Northern Minerals is one option as China-linked investors continue to defy orders to sell their shares. She stressed that no decision had been made.
Treasurer Jim Chalmers ordered six investors, together holding about 17% of the company, to divest by July 2. Northern Minerals later told the ASX that the investors still held most of the shares.
King said the uncertainty was holding up development of the Browns Range project in Western Australia. Northern Minerals is on track for about $500 million in funding from the US Export-Import Bank.
The project is intended to help develop alternative sources of dysprosium and terbium, minerals used in renewable energy infrastructure and advanced military technology, according to the article.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
