Australia just made it very clear: if you’re a China-linked investor in the country’s critical minerals sector, your shareholder rights are not guaranteed. Treasurer Jim Chalmers issued an interim order restricting voting and transfer rights for 361.5 million shares in Northern Minerals Ltd., held by Hong Kong-based entity Ying Tak.
Those shares represent roughly 3.8% of the ASX-listed company. The restriction means Ying Tak can’t vote at the company’s upcoming annual general meeting, and it can’t sell the shares either.
Why rare earths matter to everyone, including crypto
Northern Minerals operates the Browns Range heavy rare earths project in Western Australia. Heavy rare earths are the ingredients behind high-performance magnets used in electric vehicles, wind turbines, and defense systems. They’re also essential components in the semiconductor supply chains that underpin everything from AI data centers to the mining hardware that secures proof-of-work blockchains like Bitcoin.
The Chalmers order landed because Australian authorities suspect these shares were transferred in violation of a 2024 divestment directive. That earlier order specifically targeted Chinese investors who had been increasing their stakes in Northern Minerals without proper approval. The Foreign Investment Review Board is now investigating whether the transfers broke the rules.
