Australian Treasurer says Chinese investment in rare earth miner blocked after advice

SYDNEY : Australia's Treasurer Jim Chalmers said on Wednesday he had blocked a Chinese investor from lifting its stake in a rare earths mining company on the advice of the nation's Foreign Investment Review Board.

Northern Minerals plans to become the first significant world producer of dysprosium outside China, which controls 94 per cent of supply. Dysprosium is a key component for magnets for electric vehicles. The board is required to screen foreign investment for the national interest, and Chalmers flagged in a speech in November that Australia, the world's top lithium supplier and a major producer of rare earths, would become more selective about who it lets invest in its critical minerals industry.

Australia is the biggest supplier of iron ore to China, but has said it wants to diversify its partnerships for the supply and processing of rare earths.

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