There's a couple of things which may need to be brought into the...

There's a couple of things which may need to be brought into the equation , May depend on how fragile Chinese / Australian relationships are. Huayou managed to get a board seat with a placement at over 10% . There's also a number of companies on the ASX with directors placed from Chinese companies who have over 10% stakes.

Yibin 11.2% route got blocked due to it being 'contrary to national interest' , this was a drawn out affair particularly so, as the 10% directors rule is generally not one that is used to trip Chinese investment ; its the 19.9% rule which they are more concerned about ; you invest in Australia @>10%, you're entitled to have a board seat ... control needs to be watchdogged and that 19.9% or approach to that number is what gets the FIRB phone begins to glow red.

FIRBs reasoning was that it was 'contrary to national interest' was a bit shallow ; many assumed that it was because it created competition for Australian lithium miners or other ( although pretty sure bans can be flicked out like confetti to prevent competition) ; the 11.2% was just reduced to 9% and we got on with things

Ask yourself , give me two reasons why would it be contrary to national interest....both answers would be debatable imo

BUT, the Chinese whom would have been in discussion with FIRB throughout this episode gave a bit more detail -

The reason the Chinese were apparently given - Chinese never intended to bring back product to Australia for Processing (see below) ; a bit odd in itself considering the project is in DRC , possible some sort of 'we've gotta say something' sort of response, This was during a time when China were ping ponging trade santions at each other , i reckon this was a pretty bullshite and weak excuse , once which Yibin / AVZ had to wear as it was a stamped decision by FIRB .

https://www.copyright link/companies/mining/china-group-blames-australia-for-barring-stake-in-african-lithium-mine-20200426-p54n8h


Now , what have we seen announced out of the DRC over the last few months...? DRC ban on exportation of raw materials, this is mainly to do with Cobalt / Copper , but also DRC want to process battery metals in Haut-Katanga

FIRB cant use that 'contrary to national interest' / (because chinese wont export back materials for processing in Australia) again IMO, its basically a DRC goverment decision around mining operations beyond raw exploitation and FIRB cant tell another country how they must run their mining sector or that they must export product back to Australia because an Australian mining company is part of Dathcom .

Personally I reckon Chinese would now secure a board seat by climbing over that 10% just by taking up shares alone , I don't think FIRB could do much about it ...but who knows , there maybe another ridiculous excuse out there