More in The Australian today:
"China-linked investors are defying orders from the Albanese government to sell shares in a strategically important rare earths project in Western Australia.
Project owner Northern Minerals revealed the breach of a divestment order issued by Treasurer Jim Chalmers in a half-year report that showed the company on shaky ground despite years of hype about its Browns Range heavy rare earths project.
Dr Chalmers ordered five entities, suspected of having links with China, to divest shares in Northern Minerals by September 2 last year.
Seven months on, at least one of the entities is in breach of the order.
The Australian reported on Monday that Dr Chalmers faced the prospect of having to intervene for a third time in the affairs of Northern Minerals, which is trying to ¬secure taxpayer funding to develop Browns Range.
The company said on Friday that it was up to the Foreign Investment Review Board to enforce the Treasurer’s orders.
Northern Minerals reported a first-half loss of almost $15m and warned it may need to seek additional funding if it cannot reach agreement with Iluka Resources on extending the terms of a convertible note.
Some 146.2 million shares in Northern Minerals remain un-divested in defiance of the Treasurer’s orders.
The shares in question are worth just over $2.9m with Northern Minerals stock trading at a near five-year low of 2 cents.
A government spokesman said Treasury was monitoring this situation closely."
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Last
3.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $292.5M |
Open | High | Low | Value | Volume |
3.5¢ | 3.5¢ | 3.4¢ | $40.69K | 1.170M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
13 | 3010452 | 3.4¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
3.5¢ | 210034 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
11 | 2980452 | 0.034 |
7 | 1622950 | 0.033 |
8 | 799769 | 0.032 |
6 | 1364655 | 0.031 |
15 | 1941399 | 0.030 |
Price($) | Vol. | No. |
---|---|---|
0.035 | 210034 | 4 |
0.036 | 2968318 | 12 |
0.037 | 3125671 | 10 |
0.038 | 926051 | 6 |
0.039 | 1701452 | 6 |
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