Partial extract here: Rarely in Australia and arguably in the...

Partial extract here: Rarely in Australia and arguably in the western world has a corporate annual meeting been more important than the Northern Minerals meeting held in Perth on Thursday.
The Chinese combined to almost spike the US-Australian policy of containing China’s dominance on global rare earths. The sighs of relief in Canberra could almost be heard across the nation in Perth.
Northern Minerals is a vital link in the Australian and US strategy to reduce dependence on China for key rare earths, which are vital in producing magnets used in energy production involving extreme heat, including nuclear submarines.
The Chinese believed they had voting control of the company, so put forward motions to appoint four Chinese backed new directors — which, if passed, would have seen control of the board of this vital western company pass to people linked to the Chinese rare earths industry.
Around 73 per cent of the capital voted and while the Chinese motions were lost they showed their total voting power, with a 49 per cent vote for one director and 41 per cent for another
Support for the other two nominations was much smaller.
China controls 100 per cent of the market for two of the so-called heavy rare earths — terbium and dysprosium — which are essential in the production of high temperatures magnets required in trains, wind turbines plus many defence applications apart from nuclear submarines.
At this stage Northern Minerals is the best source in the western world for these two rare earths, so if China is to maintain 100 per cent of the market then gaining board control of Northern Minerals becomes an essential step.
Northern Minerals is set to produce concentrates from its WA Browns Range deposits (near the NT border) which it has contacted to supply to Iluka Resources, which is being backed by the federal government to erect a refinery which will produce a range of rare earths. Iluka requires Northern Minerals’ concentrates to produce terbium and dysprosium.
The Australian government has agreed to loan $1.25bn to the refinery project without recourse to Iluka. As is usual in Australia, the original refinery cost estimates were wrong, and the latest estimates are 20 per cent above the original sums. My guess is that the final cost will be higher again. Therefore, extra government money is required, and alarm bells are ringing in Canberra causing delay.
But given the importance of the refinery to the US defence alliance, Jim Chalmers will simply have to find more money. It's conceivable that if Australia doesn’t deliver the two essential heavy rare earths, it could jeopardise the AUKUS submarine program.