I have raised no objections to a proposal, which includes Taifeng Yuanchuang International Development Co Ltd ('Taifeng') or its subsidiary acquiring up to a total of 19.9 per cent of IMX Resources Limited and 49 per cent of Outback Iron Pty Ltd, conditional on legally enforceable undertakings.
Prior to the acquisition of the interest in Outback Iron Pty Ltd being made, Taifeng will provide the Treasurer written confirmation from the Department of Defence that:
- Termite Resources NL, a fully owned subsidiary of Outback Iron Pty Ltd, has entered into a revised agreement with the Commonwealth (represented by the Department of Defence) regarding access to the land at or about Woomera in the State of South Australia that has been proclaimed as a Prohibited Area under the Defence Force Regulations 1952; and
- The Department of Defence is satisfied that this agreement regarding access is sufficient to protect the national security interests of Australia.
These undertakings, which ensure consistency with Australia's national interest principles, are a condition of my approval under the Foreign Acquisitions and Takeovers Act 1975.
I consider this condition to be necessary in order that the proposed acquisition of shares in Outback Iron Pty Ltd, if carried out, will not be contrary to the national interest.