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Yuxiao Fund and four associates with ties to major Chinese conglomerates will be forced to reduce their shareholdings in Northern Mineral, a strategic rare earths miner, after the government decided the purchase was not in “our national interest”.

The Australian Financial Review reported in November that Singapore-registered Yuxiao was close to major Chinese groups including China Northern and Shanghai-listed Shenghe Resources among others. Northern Minerals had said it was suspicious about share trading and requested the Foreign Investment Review Board investigate last year.

https://www.afr.com/companies/mining/chi...603-p5jips