Chinese investment in Canadian miners to continue: Ambassador

Chinese ambassador Cong Peiwu said that the country will “continue to do business on the basis of mutual respect and mutual benefit” with Canada’s domestic critical minerals sector despite a recent crackdown on foreign investment, reported Bloomberg.

Cong told Bloomberg News that the Canadian government is “wrong” to prevent Chinese investors from buying majority stakes in domestic mining companies. “Politicizing normal commercial cooperation and using national security as a pretext for political interference is wrong. China has expressed firm opposition to this.”

His remarks follow Natural Resources Minister Jonathan Wilkinson’s reaffirmation that miners with Chinese stakes will face strict national security reviews. 

So far this year, Zijin Mining has initiated plans to buy a 15% stake in Solaris Resources, Ganfeng Lithium moved to take a 15% stake in Lithium Americas Argentina, and Yintai Gold agreed to buy gold explorer Osino Resources for $368 million.

Canadian government officials told Bloomberg they are tracking the issue closely and are considering whether further measures are needed beyond the current rigorous reviews.

Source: Bloomberg