"[We] will act further if needed to protect national interests," Australian Treasurer Jim Chalmers said in a statement on May 18. © ReutersMELBOURNE (Reuters) -- Australian Treasurer Jim Chalmers said on Monday he had issued orders for six shareholders to divest their holdings in Northern Minerals, following concerns that Chinese parties had tried to take control of the rare earths miner.Northern Minerals is developing the Browns Range heavy rare earths project in Western Australia at a time when Western governments are seeking to loosen China's stranglehold over the sector. Heavy rare earths are vital in industries such as semiconductors and defense.The decision aims to protect the country's national interest and to ensure compliance with its foreign investment framework, Chalmers said in a statement."We operate a robust and non-discriminatory foreign investment framework, and will take further action if required to protect our national interest in relation to this matter," he said in the statement.Northern Minerals said it was aware of the Treasurer's orders in a statement and was considering its next steps.Its shares fell more than 8% to 0.022 Australian dollars and were trading at less than half the price of equity it issued in a placement last October.At a regular news briefing on Monday, China's foreign ministry urged Australia to "earnestly respect" the rights and interests of Chinese investors and called for a transparent and nondiscriminatory business environment for foreign investment.Northern Minerals has been the subject of several government interventions in recent years regarding its shareholder base, with the first in 2024 requiring five Chinese parties to dispose of their shares in the miner on national interest grounds.Some of those parties at the time sold to a related party, Hong Kong-based investor Ying Tak, Australian authorities found. Treasurer Chalmers placed an interim order in April on Ying Tak, which restricted it from voting at Northern Minerals' annual meeting and selling its shares.Ying Tak is among the six companies named on Monday in the order to sell their stakes.Reuters was not able to reach Ying Tak, which has no phone number or email listed on Hong Kong's companies registry, for comment.