Australian Treasurer Jim Chalmers ordered six China-linked shareholders to divest their combined stake in Northern Minerals Ltd, approximately 1.68 billion shares representing 17.58% of the rare earths miner. The divestment deadline was set for July 2, 2026, but three of the six entities failed to comply, prompting the government to freeze their voting and shareholder rights by mid-July. Northern Minerals operates the Browns Range project in Western Australia, one of the few significant sources of heavy rare earths outside China, producing dysprosium and terbium essential for permanent magnets used in electric vehicles, wind turbines, and defense systems. This decision marks the third intervention in three years by the Australian government to limit Chinese influence over this strategic company, amid escalating tensions over critical mineral supply chains.
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