Sydney, August 13th (Argus) - Australian rare earth developer Northern Minerals may postpone its final investment decision for its wholly-owned Browns Range mine in Western Australia. This comes after the company's annual general meeting was postponed.
The company announced on August 13th that the meeting has been postponed for 60 days to November 30th due to the failure of foreign shareholders to comply with the government's disposal order.
The company has repeatedly postponed the originally scheduled meeting on October 2025 due to concerns about the undue influence of six investors.
Australian Federal Finance Minister Jim Chalmers ordered investors to dispose of their 1.68 billion shares in the company by July 2nd in May.
However, investors failed to comply with the disposal order by the deadline. Chalmers indefinitely restricted the voting rights of three of the investors before the upcoming annual general meeting on September 30th.
This will delay the final investment decision for the project, which has been postponed from June 30th to September 30th previously.
Browns Range will focus on producing terbium and dysprosium, two heavy rare earth elements that are mainly used in magnet applications for electric vehicles, wind turbines, energy transition, and defense purposes.
