Northern Minerals (ASX:NTU) noted the action taken by Australia's Treasurer Jim Chalmers in the Federal Court of Australia against Indian Ocean International Shipping and Service as well as its former associate for not complying with the country's foreign investment law, and added that it is not a party to these proceedings and considers this a matter between the Treasurer and Indian Ocean, according to a Friday Australian bourse filing.
The action related to orders which directed five foreign investors, including Indian Ocean, to dispose of shares in Northern Minerals to persons who were not their associates by Sept. 2 2024.
The orders were made to "address risk to national security" posed by Indian Ocean's acquisitions of shares in Northern Minerals, which is "an important Australian critical minerals company," per a Thursday statement from the Treasury.
The firm's shares jumped 7% in recent trading on Friday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.