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(Bloomberg) — Australian Treasurer Jim Chalmers has started the first legal case in the Federal Court for an alleged breach of the nation’s foreign investment laws, saying a shareholder in a rare earths company failed to heed his order to sell its stake.
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Indian Ocean International Shipping and Service Company Ltd. was one of five foreign investors ordered by Chalmers a year ago to sell its shares in Australian-listed Northern Minerals Ltd. within three months. It hasn’t complied, the treasurer said in a statement on late Thursday.
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“The disposal order was issued to Indian Ocean to address risk to national security posed by its acquisitions of shares in Northern Minerals, which is an important Australian critical minerals company,” Chalmers said.
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Northern Minerals isn’t a party to the proceedings, the company said in a separate statement on Friday.
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Last June, the government ordered Indian Ocean and associated entities — including Chinese-linked Yuxiao Fund — to sell their stock in Northern Minerals. Combined, the investors held about 7.55% of the company.
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Western nations including Australia and the US have attempted to limit Chinese investment in so-called critical minerals and metals key for the defense industries and energy transition. Beijing has a near-monopoly on rare earth production and processing, and has weaponized export controls during trade disputes with the Trump administration in recent months.
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The Australian government is seeking penalties, declarations and costs from Indian Ocean, Chalmers said Thursday, adding that the Federal Court would make court filings available in “due course”.
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