Official announcements from the governments of US allies

Australia Orders Chinese-linked Funds to Sell Rare Earths Stakes in National Interest

Jun 3, 2024, 11:11 AM

Australia has ordered Chinese-linked funds and their associates to sell their stakes in a rare earths miner. This move is part of an effort by US allies to counter China's dominance in critical minerals. The decision, framed as being in the 'national interest,' aims to create a stronger supply chain for critical minerals essential for the energy transition. The order, issued by Treasurer Jim Chalmers, comes amid rising geopolitical tensions over mineral resources. The funds are linked to a Chinese businessman. Shortly after the announcement, an Australian company involved in a strategic heavy rare earth project was targeted in a suspected cyber attack.