Canada orders three Chinese firms to exit critical minerals deals

Canada orders three Chinese firms to divest from country’s lithium miners. mining lithium china

Canadian Industry Minister Francois-Philippe Champagne. Credit: Francois-Philippe Champagne’s official Twitter page

The three firms ordered to divest their investments are Sinomine Rare Metals Resources Co Ltd, Chengze Lithium International Ltd, also based in Hong Kong, and Zangge Mining Investment Co Ltd.The government ordered the divestiture after a “rigorous scrutiny” of foreign firms by Canada’s national security and intelligence community, Industry Minister Francois-Philippe Champagne said in a statement.

“While Canada continues to welcome foreign direct investment, we will act decisively when investments threaten our national security and our critical minerals supply chains, both at home and abroad,” Champagne said. “The federal government is determined to work with Canadian businesses to attract foreign direct investments from partners that share our interests and values,” Champagne said.

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