It will invest again in miners Rio Tinto and Nutrien, as well as in retailer Walmart after their exclusions from the fund's investments on ethical grounds were revoked.
The company's decision to stockpile Neodymium Praseodymium (NdPr), used in industrial magnets, was to help it consolidate its position as a preferred supplier to customers outside China.
The final approval from the NSW state government follows a surprise victory for the pro-coal conservative government in an Australian election in which climate change had been a key issue.