Overview

• Chalmers filed the case Thursday in the Federal Court against Indian Ocean International Shipping and a former associate for refusing to sell shares in Northern Minerals.
• He is seeking legal declarations, financial penalties and costs after investors failed to comply with a divestment deadline set in June 2024.
• Northern Minerals, developing the Browns Range heavy rare earths project in Western Australia, could become a key non-Chinese source of minerals for military guidance systems and clean energy technologies.
• The lawsuit marks the first instance of a treasurer invoking foreign investment laws in the Federal Court to safeguard national interests.
• Australia’s action reflects growing efforts by like-minded nations to diversify rare earths supply chains away from China’s near-total global dominance.