Federal Register of Legislation - Australian Government

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This instrument publishes an order of the Treasurer prohibiting the acquisition by Baogang Group Investment (Australia) Pty Ltd of an 11.1 per cent interest in Northern Minerals Limited.
Administered by: Treasury
Registered 22 Apr 2020

COMMONWEALTH OF AUSTRALIA

Foreign Acquisitions and Takeovers Act 1975

Foreign Acquisitions and Takeovers (Prohibition of Proposed Significant Action) Order No. 1 2020

WHEREAS –

 

(A) On 13 December 2019, Baogang Group Investment (Australia) Pty Ltd gave notice under the Foreign Acquisitions and Takeovers Act 1975 (the Act) that it proposes to acquire an 11.1 per cent interest in Northern Minerals Limited (the proposed acquisition);

(B) I am satisfied that the proposed acquisition would be a significant action under one or more of the following provisions:

          i.     section 43 of the Act, as it involves the acquisition by a foreign government investor of an interest in Australian land with no monetary screening threshold;

        ii.     paragraph 56(1)(a) of the Foreign Acquisitions and Takeover Regulation 2015 as it involves the acquisition by a foreign government investor of a direct interest in an Australian entity being an interest of at least 10 per cent in Northern Minerals Limited; and

      iii.     subparagraph 56(1)(c)(ii) of the Foreign Acquisitions and Takeover Regulation 2015 as it involves a foreign government investor acquiring an interest of at least 10 per cent in securities in Northern Minerals which is a mining, production or exploration entity; and

 (C) I am satisfied that taking the significant action would be contrary to the national interest.

NOW THEREFORE

I, JOSHUA ANTHONY FRYDENBERG, Treasurer of the Commonwealth of Australia, hereby make an order in accordance with items 8 and 9 of the table in subsection 67(2) of the Act, PROHIBITING: the acquisition by Baogang Group Investment (Australia) Pty Ltd of an 11.1 per cent interest in Northern Minerals Limited.

 

Dated: 17 April 2020

 

 

Josh Frydenberg

Treasurer

Note:   The name of this instrument was amended on registration as the instrument as lodged did not have a unique name (see subsection 10(2), Legislation Rule 2016).