Global Lithium Resources (GL1), an Australia-based firm, is delaying its annual shareholder meeting to address concerns about a potential foreign takeover.

Global Lithium Confronts Foreign Ownership Issues

Global Lithium is worried that Liaoliang “Leon” Zhu, a Chinese minority shareholder, may gain control by joining the board.

Board Changes at Risk

The company urged shareholders to reject Zhu’s appointment, opting for CFO Matthew Allen instead. The meeting is postponed to allow the Foreign Investment Review Board more time to review the situation.

Manna Project’s Strategic Importance

Located near Kalgoorlie, the Manna lithium project is crucial for Australia’s strategic control over mineral resources. Its mineral resource estimate is 51.6 million tonnes at 1% lithium oxide.

Efforts to Curb Chinese Influence

Australia is limiting foreign investment in critical sectors. Similar actions have compelled other Chinese-linked investors to reduce stakes.

Government Stance on Foreign Investments

Chinese Foreign Minister Wang Yi urged against discrimination, whereas the Australian government maintains a non-discriminatory investment framework.

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