On November 3, according to Canadian media CNB, " Although Canada continues to welcome foreign direct investment, we will take decisive action when investment threatens our national security and our critical mineral supply chains at home and abroad. " Canadian Innovation Minister Innovation, Science and Industry Minister Francois-Philippe Champagne said in a written statement.
Canada officially ordered three Chinese resource companies to sell their interests in Canada's key mineral companies. This move means that Canada has officially taken action to completely remove Chinese companies from Canada's key mineral industry.
specific as follows:
1. Sinomine (Hong Kong) Rare Metals Resources Co., Ltd. should withdraw its investment from Power Metals Corp., which owns exploration projects for lithium, cesium and tantalum in the north of Ontario . In December 2021, China Mining (Hong Kong) Rare Metals Resources Co., Ltd. signed a "Equity Financing Agreement" with listed company Power Metals Corp., which held 5.72% of the shares and promised the underwriting rights of lithium, cesium and tantalum in the CASE Lake project.
2. Chengze Lithium International Limited should withdraw its investment from Lithium Chile Inc., which is headquartered in Calgary , and there are more than a dozen lithium projects in Chile . In April 2022, Shengxin Lithium increased its holdings to 19.86% through its wholly-owned subsidiary Shengze Lithium to 19.86%
3. Zangge Mining Investment (Chengdu) Co., Ltd.) should withdraw its investment from Ultra Lithium Inc., a resource development company located in Vancouver . It has lithium and gold projects in Canada and Argentina , and Zangge Mining Investment holds 14.17%.
Although, China is the leader in the supply chain of key mineral refining and processing and battery module manufacturing.
3 There are no related minerals in China. We can only obtain key minerals such as lithium, cadmium, nickel and cobalt and raw materials such as metals by vigorously investing in overseas mines, including Canada and other places.
