Australia Knocks Back China-Linked Investment in Rare Earths

Later in January, Chinese Ambassador Xiao Qian specifically mentioned the battery material lithium as one possible area of investment during a press conference in Canberra

(Bloomberg) — Australia quietly blocked a bid by a Chinese-linked company to increase its ownership in rare earths supplier Northern Minerals Ltd., one of the first tests of warmer diplomatic ties between Canberra and Beijing.

The Singapore-based Yuxiao Fund applied in August 2022 to almost double its ownership of Northern Minerals to 19.9%. Northern Minerals Executive Chairman Nick Curtis told Bloomberg the fund was owned by Wu Yuxiao, a Chinese national who invests in commodities internationally.