SYDNEY, Sept 25 (Reuters) - Australia wants to limit foreign investment in its major mining companies to 15 percent under guidelines spelled out by its Foreign Investment Review Board (FIRB), the Australian Financial Review reported on Friday.
The general manager of the FIRB, Patrick Colmer, also warned foreign investors to keep their businesses listed in Australia and not allow their lawyers to use complex legal arguments in approval applications, the paper said.
For start up mining projects, the FIRB wants foreign investment to stay below 50 percent, according to Colmer, the paper reported.
China Nonferrous Metal Mining (Group) Co. Ltd this week terminated a deal to take a 50.6 percent stake in Australian rare earths miner Lynas Corp, citing a demand by FIRB that it reduce its interest below 50 percent and cut the number of board directors positions to less han half the full board.

(Reporting by Jim Regan; Editing by Michael Urquhart)

((jim.regan@thomsonreuters.com; +61-2 9373-1814; Reuters Messaging: jim.regan@reuters.net)) Keywords: AUSTRALIA INVESTMENT (If you have a query or comment on this story, send an e-mail to news.feedback.asia@thomsonreuters.com)

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