Australia Orders Chinese Investors To Sell Rare Earth Shares [Forbes]
LYNAS RARE EARTHS S/ADR (LYSDY)
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Source: Forbes
The Australian Treasurer, Jim Chalmers, said the Yuxio Fund and four associates must sell 530 million shares in Northern Mining which is trying to develop the Browns Range rare earths deposit in Western Australia. Australian Treasurer Jim Chalmers has orderd a Chinese-linked fund to reduce its stake in a rare ... [+] earths company. (Photo by Martin Ollman/Getty Images) Chalmers said he was acting on the advice of Australia's Foreign Investment Review Board (FIRB) with the compulsory sales order “designed to protect Australia's national interest”. Without detailing why Yuxio and its associates have failed to clear the hurdles erected by FIRB the decision indicates that the fund is an unacceptable major shareholder in a sensitive critical metals project. Rare earths have become a flashpoint in the trade relationship between China and the western world because of China's dominance and the importance of the elements which make up the rare earths family in emerging technologies,
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