Australian government rejects China’s Yuxiao Fund attempt to boost stake in rareearths producer
Australian rare earths producer Northern Minerals said on Tuesday that the federal government had prevented its largest shareholder, China’s Yuxiao Fund, from raising its stake in the company on grounds of national interest.
The Labor government, in power since May last year, has moved to repair diplomatic relations with China after clashes in recent years over trade, influence in the South Pacific, and the origins of the covid-19 pandemic. “When FIRB rejects one case, they scare many cases,” Sun said in a November presentation at a conference in Sydney.
Northern Minerals says China’s mining and processing techniques only generate grades of 20 to 40 ppm of dysprosium.with Iluka Resources Limited to provide it access to feedstock rich in heavy rare earths materials dysprosium and terbium.
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