Regulator to Probe Chinese Firm’s Covert Attempt to Control Rare Earth Miner

Chinese firm Yuxiao Fund was blocked from increasing its stake in the rare earth mining company earlier this year.

Worker with car batteries in Nanjing, China, on March 12, 2021. STR/AFP via Getty Images

Australia’s foreign investment regulator has been called in to probe the proposed appointment of a Chinese national to the board of a rare earth miner over concerns it could run foul of the country’s strategic interests.

Wu Tao was nominated as a prospective board member to Northern Minerals, which runs the Browns Range mine in Western Australia, and aims to become one of the world’s largest producers of dysprosium outside of China.