Australia heavy rare earths-focused company Northern Minerals (ASX: NTU) notes a media release dated 26 June 2025 by the Hon Jim Chalmers MP Treasurer outlining action taken by the Treasurer in the Federal Court of Australia against Indian Ocean International Shipping and Service Company Ltd and its former associate for not complying with Australia’s foreign investment law.
This action relates to Foreign Acquisitions and Takeovers (Disposal of Interests in Northern Minerals Limited) Orders 2024, which were published on the Federal Register of Legislation on 3 June 2024.
These orders directed five foreign investors, including Indian Ocean, to dispose of shares in Northern Minerals Limited to persons who were not their associates by 2 September 2024.
Northern Minerals notes it is not a party to these proceedings and considers this a matter between the Treasurer and Indian Ocean. The company will keep the market updated with any further information on this matter.
The Treasurer’s media release can be found here.
