On 17 May 2026, Treasurer Jim Chalmers signed orders directing six foreign investors to sell a combined total of over 1.67 billion shares in Northern Minerals Limited (Northern Minerals). The orders were registered on 18 May 2026 and form part of the Albanese Government’s ongoing efforts to reduce China-linked influence over Australia’s critical minerals sector, consistent with its commitments under The United States-Australia Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths, as mentioned in our previous article.
About Northern Minerals
Northern Minerals owns 100% of the Browns Range Heavy Rare Earths Project in Western Australia’s East Kimberley region, with deposits rich in the heavy rare earth elements dysprosium and terbium, which are critical for the production of high-performance magnets used in clean energy, advanced technology and military systems.
Northern Minerals has been subject to ongoing scrutiny by the Foreign Investment Review Board (FIRB) in recent years. Commencing in June 2024, when the Treasurer issued disposal orders requiring Indian Ocean International Shipping and Service Company Ltd, and four other foreign investors to sell their shares in Northern Minerals to non-associated persons by September 2024 (2024 Orders).
The Disposal Orders
Most recently, the Treasurer exercised his power under section 69(2) of the Foreign Acquisitions and Takeovers Act 1975 (Cth) (the Act) to make the Foreign Acquisitions and Takeovers (Disposal of Interests in Northern Minerals Limited) Orders (No. 1) 2026 (Cth) (the Orders).
The six investors named in the Orders, each of whom must divest their shares within 14 days of the Orders commencing on 18 June 2026 (being the 31st day after registration), are set out below.
| Investor | Shares | Jurisdiction |
| Real International Resources Limited | 619,071,000 | British Virgin Islands |
| Qogir Trading & Service Co., Limited | 523,463,250 | Hong Kong |
| Vastness Investment Group Limited | 271,250,091 | British Virgin Islands (Beijing address) |
| Chuanyou Cong | 130,056,866 | China (Shandong) |
| Hong Kong Ying Tak Limited | 95,328,713 | Hong Kong |
| Zhongxiong Lin | 39,725,860 | China (Fujian) |
These Orders followed concerns raised by Northern Minerals with FIRB that investors subject to the Treasurer’s 2024 Orders had failed to comply by transferring their shares to related parties.
Failure to comply with disposal orders made under the Act can result in significant penalties. As mentioned in our previous article, the Federal Court imposed a combined $14 million in penalties for failure to comply with the 2024 Orders, marking the first enforcement action of its kind.
What this means for foreign investors
These Orders reflect the Albanese Government’s sustained focus on protecting Australia’s critical minerals sector from China-linked foreign influence. Foreign investors and Australian companies with significant foreign ownership should engage early with legal advisers to understand their obligations under the Act and manage regulatory risk proactively in light of the Government’s demonstrated willingness to escalate enforcement action where compliance is not achieved.
The Foreign Investment team at McCullough Robertson has extensive expertise in navigating FIRB requirements and can assist at all stages of a proposed investment or in response to regulatory scrutiny.