Northern Minerals notes Federal Court action but affirms it is not a party
Rare earths company Northern Minerals has acknowledged legal proceedings initiated by the Australian Treasurer against a foreign investor, but stressed that it is not a party to the matter.
The ASX-listed company on Friday noted a media release issued by Treasurer Jim Chalmers on Thursday, which announced Federal Court action against Indian Ocean International Shipping and Service Company and a former associate for failing to comply with Australia’s foreign investment laws.
The proceedings relate to orders issued under the Foreign Acquisitions and Takeovers Act in June last year, which required five foreign investors – including Indian Ocean – to divest their shares in Northern Minerals by September 2, 2024. It has not complied, Chalmers said.
“Northern Minerals notes it is not a party to these proceedings and considers this a matter between the Treasurer and Indian Ocean,” Northern Minerals said in a statement.
The company, which is developing the Browns Range heavy rare earths project in Western Australia, said it would keep the market informed of any further developments.
Chalmers said in a statement on Thursday he had lodged a legal action in the Federal Court and was seeking penalties, declarations and costs.
“Foreign investors in Australia are required to follow Australian law,” Chalmers said.
“We are doing what is necessary to protect the national interest and the integrity of our foreign investment framework.”
The case is the first to be brought by a Treasurer before the court for an alleged breach of foreign investment laws.
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