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Australia blocks takeover of lithium miner by China-linked company

The Australian Government has blocked the takeover of a lithium miner by a company with links to China, after advice from its Foreign Investment Review Board. Treasurer Jim Chalmers issued a prohibition stopping Austroid Corporation from acquiring an additional 90.1% stake in lithium miner Alita Resources, which would have made it a full owner of the enterprise. Mike Que, director of Austroid, is the son of Que Wenbin, who has a major interest in Chinese lithium battery maker Sichuan Western Resource.

Nickel Industries seeks sale and investment approval at EGM

Australian miner Nickel Industries has called an Extraordinary General Meeting (EGM) seeking a share deal with PT Danusa Tambang Nusantara (DTN). The company wants shareholder approval for the placement of 857 million shares at A$1.10 per share, equivalent to A$943m ($620m) of investment. 

Rio Tinto purchases 15% of Sovereign Metals

Rio Tinto has purchased a 15% stake in Sovereign Metals for A$40.4m ($27.61m). Rio Tinto will maintain the option to increase its shareholding by 4.99% within 12 months. This would mean a potential further investment into Sovereign of A$18.5m. 

Wyloo Metals purchases nickel-focused Mincor Resources

Australian mineral-focused investment firm Wyloo Metals has announced the purchase of fellow Australian mining company Mincor Resources. The A$760m ($509.41m) deal sees Wyloo purchase 90.87% of Mincor shares. The initial bid was placed by Wyloo in March, with Wyloo holding 19.9% of Mincor prior to the bid.