Australian rare earths developer Northern Minerals (ASX:NTU) has fended off an attempt by a Beijing-based shareholder to overhaul its leadership, marking a turn in a high-stakes battle over foreign influence.
Vastness Investment Group, a Chinese entity holding a 7.7% stake in the miner, has officially withdrawn its request for an extraordinary general meeting originally intended to vote on the removal of Chairman Adam Handley.
The development grants the company a critical reprieve, allowing it to delay its general meeting until June 30 while awaiting a pivotal ruling from the Foreign Investment Review Board.
The withdrawal comes as federal authorities intensify a probe into allegations of covert Chinese influence within the company.
Northern Minerals previously raised concerns that a formal divestment order issued by Treasurer Jim Chalmers—which required five Chinese-linked entities to sell down their holdings—was being circumvented.