Most Australians have never heard of Northern Minerals. But the ownership of its rare earths project in north-western Australia is evidence of the pushback against further entrenching China’s control of the rare earths processing considered crucial to the global energy transition and to national security.

Treasurer Jim Chalmers’ order that Chinese funds reduce their shareholding in Northern Minerals comes after a vicious brawl for board control where former executive chairman Nick Curtis was effectively forced out of his position.