Australia orders six Northern Minerals shareholders, based in China, Hong Kong, and the British Virgin Islands, to divest their stakes as part of a broader push to curb foreign influence in critical minerals.

Three shareholders are registered in China, two in Hong Kong, and one in the British Virgin Islands, with the divestment covering six stakes across the same jurisdictions.

The company is reviewing new sell-off guidelines and will announce further details after the proceedings unfold.

The government’s move is backed by Treasury and the Foreign Investment Review Board, continuing a years-long pattern of tensions around board power, foreign investment compliance, and enforcement actions.

This case signals a broader shift in foreign investment governance, with new legal precedents and frameworks aimed at deterring foreign influence in critical mineral assets and reshaping investment strategies for non-allied nations.

Northern Minerals had already come under FIRB scrutiny in late 2025 due to concerns over potential takeovers.

The action aligns Australia with a global push to secure allied-nation critical minerals supply chains, alongside initiatives like MSP, US investment programs, Japan’s offtake strategies, and the EU Critical Raw Materials Act.

Regulators are expanding post-approval oversight to guard strategic minerals such as lithium, cobalt, nickel, and uranium, extending scrutiny beyond single transactions.

Treasurer Jim Chalmers says Australia maintains a firm, non-discriminatory foreign investment framework and will take further steps to protect national interests if needed.

Australia reserves the right to escalate measures to shield national interests, reinforcing a robust, non-discriminatory FI framework.

Chalmers emphasizes a strong, non-discriminatory framework and vigilance against foreign influence in strategic assets.

FIRB is evolving toward continuous compliance surveillance with enforcement, aligning Australia with allied-nation trends in foreign investment security.