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Northern Minerals Welcomes Australian Treasurer's Share Disposal Orders; Shares Jump 22%

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Northern Minerals (ASX:NTU) said it welcomes the Australian Treasurer's disposal orders related to around 1.68 billion shares held by six foreign shareholders, according to a Tuesday filing with the Australian bourse.

The Treasurer has ordered the foreign shareholders, which include Hong Kong Ying Tak, Real International Resources, Qogir Trading & Service, Chanoyu Cong, Vastness Investment Group, and Zhongxiong Lin, to divest part or all of their holdings in Northern Minerals by July 2.

"Maintaining a transparent share register aligned with Australia's national security interests is critical to Northern Minerals' ability to secure funding and advance [the] Browns Range [heavy rare earths project]," said Executive Chair Adam Handley.

The company is evaluating the impact of the disposal orders on the proposed timing of its next annual general meeting.

Shares of Northern Minerals jumped 22% in recent Tuesday trade.

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