Jim Chalmers blocks Northern Minerals shareholder voting

• Federal Treasurer Jim Chalmers issued interim directions blocking three overseas entities from exercising voting or other powers at general meetings.
• The restrictions immediately strip voting rights for a combined 12.96% stake in the heavy rare earths developer.
• The intervention follows a failure by the targeted investors to comply with divestment orders issued by the federal government in May.

Australian Federal Treasurer Jim Chalmers has issued interim directions blocking three foreign shareholders from exercising voting rights in Northern Minerals (ASX:NTU) after the investors failed to comply with previous orders to sell down their stakes.

The current restrictions prevent Hong Kong Ying Tak, Real International Resources, and Qogir Trading and Service from voting their combined 12.96% shareholding at any upcoming company meetings.

"Northern Minerals welcomes the Federal Treasurer’s interim directions regarding compliance with his May disposal orders," said Northern Minerals executive chair Adam Handley.

The dynamic action targets an additional 361,538,264 shares held by Hong Kong Ying Tak, while three other investors named in the initial May orders have not been included in these latest restrictions.

Following the announcement, the Northern Minerals share price was unchanged at $0.027.

To give the affected investors time to comply with the federal divestment demands, the Australian Securities and Investments Commission extended the deadline for the mining firm to hold its annual general meeting until Sept. 30.

The Perth-headquartered mineral exploration company remains focused on progressing its feasibility studies and securing funding to develop its flagship Browns Range heavy rare earths project in the East Kimberley region.