Treasurer Jim Chalmers prevents Austroid Corporation from acquiring Alita Resources after advice from investment board.
Australia has barred the takeover of financially stricken lithium miner Alita Resources by a China-linked company after advice from Australia’s Foreign Investment Review Board, a spokesperson for Treasurer Jim Chalmers has said.
Chalmers issued a prohibition order stopping Austroid Corporation from acquiring an additional 90.10 percent of lithium miner Alita Resources, which would bring its stake to 100 percent. Austroid Australia, the local subsidiary of the US-based Austroid, is also barred from a proposal to wholly acquire Alita, a prohibition notice shows.
The director of Austroid Australia is a Chinese national with experience in the Chinese mining industry, company filings show.
Alita has been under administration since 2019. Austroid said in a statement on…