Business

China-linked fund wants to remove Australia rare earths miner’s head after ‘no’ over ‘national interest’

vIt had sought 19.9pc stake in Northern Minerals but Treasurer Jim Chalmers blocked the move

Published

6 months ago

November 22, 2023

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China-linked fund wants to remove Australia rare earths miner's head after 'no' over 'national interest'

A China-linked fund that is a major shareholder in Australia’s Northern Minerals has filed a motion to oust the rare earth developer’s chairman after the fund’s move for a higher stake was rejected on national interest grounds early this year.

Singapore-based Yuxiao Fund, which owns a near 10 per cent stake in Northern Minerals, proposed a shareholder’s resolution that Chairman Nicholas Curtis be immediately removed as a director, Northern Minerals said in an exchange filing on Tuesday.

Yuxiao Fund is a private company that lists Chinese national Wu Yuxiao as its sole shareholder and director, its corporate filings show. Northern Minerals has previously said that Wu Tao, the chairman of mainland China-based Jinan Yuxiao Group which has invested in mining projects in Mozambique and Australia, controls the fund.

Yuxiao Fund did not immediately respond to an emailed request for comment. Curtis did not immediately respond to a request for comment.

Northern Minerals is developing the Browns Range heavy rare earths project in Western Australia, at a time when the sector has become increasingly strategic for its uses in green energy and defence.

Australia has said it is looking for friendly nations to build out its critical minerals industry as the West diversifies away from dominant producer China.

Singapore business registry filings for Yuxiao Fund show Yuxiao Wu is the sole shareholder and a Chinese citizen.
Yuxiao Fund owns 9.8pc of Northern Minerals and nominated Wu Tao to the company’s board.

The fund last year sought approval from Australia’s Foreign Investment Review Board to raise its ownership in Northern Minerals to 19.9pc. But Treasurer Jim Chalmers in February blocked it from increasing its investment beyond 10pc on national interest grounds.

Northern Minerals said in the filing on Tuesday that Yuxiao Fund proposed a second resolution to “review the legality and compliance of Nicholas Curtis’ conduct in the performance of his duties as a director and an officer” and to inspect the books of the company.

It said it was reviewing the validity of the proposals, and that it would comply with all legal requirements.

The company also said it is subject to an annual audit and that it was in compliance with all regulations.

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Business

Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

Published

14 hours ago

May 17, 2024

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Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

A notable Chinese company has expressed keen interest in expanding its investment in Pakistan, in yet another sign of investor confidence boost in the leadership of Prime Minister Shehbaz Sharif.

A delegation from Chinese firm MCC Tongsin Resources led by its Chairman Wang Jaichen called on PM Shehbaz here on Friday.

The premier invited the Chinese company to invest in Pakistan’s mining sector and manufacturing of export goods.

Shehbaz assured the delegation that his government would extend all-out facilitation to the company from minerals exploration and processing to the export of goods.

The PM instructed the relevant federal ministers and officers to continue consultation with the Chinese firm, taking the Balochistan chief minister, provincial departments and stakeholders on board.

The delegates reposed trust in PM Shehbaz’s leadership, and expressed keen interest in enhancing their investment in Pakistan’s mining and minerals sectors.

The delegation briefed Prime Minister Shehbaz about the construction of a mineral park in Pakistan and their future investment plans.

The premier welcomed the Chinese firm and highlighted the priority steps by his government to promote foreign investment in Pakistan.

He said that being a time-tested friend, China supported Pakistan in every difficult hour for which the Pakistani nation was grateful to the leadership and people of China.

Federal ministers Ahad Khan Cheema, Dr Musaddik Malik, Rana Tanveer Hussain, Jam Kamal Khan and relevant senior officers attended the meeting.

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Business

Govt jacks up power price by Rs1.47 per unit

Published

15 hours ago

May 17, 2024

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Govt jacks up power price by Rs1.47 per unit

The government on Friday increased the electricity tariff by Rs1.47 per unit.

According to Nepra sources, the collection from consumers will take place in August, September, and October.

The electricity companies had requested the funds as part of the third quarter adjustment for 2023-2024, seeking Rs 31.34 billion under capacity charges.

Sources said that Rs5.57 billion were requested for operation and maintenance costs, and Rs12.38 billion were requested for the transmission and distribution impact under monthly fuel cost adjustment.

Previously, Nepra had completed the hearing on the electricity companies’ request under the quarterly adjustment.

Nepra approved the Power Division’s request, allowing an increase of Rs 1.45 per unit in electricity prices.

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Business

Hong Kong allows China’s digital yuan to be used in local shops

Published

15 hours ago

May 17, 2024

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Hong Kong allows China's digital yuan to be used in local shops

Hong Kong will allow mainland China’s pilot digital currency to be used in shops in the city, the head of its de facto central bank said on Friday, marking a step forward for Beijing’s efforts to internationalise the yuan amid rising geopolitical tensions.

The programme, backed by Beijing, will allow mainland Chinese and Hong Kong residents to open digital yuan wallets via a mobile app developed by China’s central bank and will permit them to make payments in retail shops and some online stores in Hong Kong and in mainland China.

Transactions using e-CNY, predominantly for domestic retail payments in China, hit 1.8 trillion yuan ($249.27 billion) as of end of June 2023, with 120 million digital wallets opened, according to the latest disclosure from China’s central bank.

Using the wallet, users can make payments at over 10 million merchants in 17 provinces and cities in the mainland.

Each wallet used in the city will be subject to a balance limit of 10,000 yuan, with single transactions and daily payments capped at 2,000 yuan and 5,000 yuan, respectively, officials from the Hong Kong Monetary Authority said.

Peer-to-peer transfers will not be allowed at the moment, according to the HKMA.

“By expanding the e-CNY pilot in Hong Kong .. users may now top up their wallets anytime, anywhere without having to open a mainland bank account, thereby facilitating merchant payments in the mainland by Hong Kong residents,” HKMA Chief Eddie Yue said.

Currently, users of other digital yuan wallets such as those operated by Ant Group and Tencent can make payments in the city.

Industrial and Commercial Bank of China, Bank of China Ltd, China Construction Bank Corp and Bank of Communications Co have been selected as e-CNY wallet operators.

The yuan’s use in global finance remains low, though it has shown steady increases.

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