The government of Canada has ordered three Chinese firms to divest from lithium companies in the country, following the introduction of tighter rules on foreign investment in the critical minerals sector earlier.
Sinomine Rare Metals Resources must divest itself from its investment in Power Metals, Chengze Lithium International must sell its interest in Lithium Chile and Zangge Mining Investment has to exit its investment in Ultra Lithium.
“The federal government is determined to work with Canadian businesses to attract foreign direct investments from partners that share our interests and values. Canada’s critical minerals are key to the future prosperity of our country. We will continue to encourage and work with Canadian businesses that require investment capital, by helping to identify and find partnerships that will serve in the best interest of Canadian businesses, workers, and the economy.
The government of Canada is busy finalising its critical minerals strategy, through which it seeks to position the country as a global supplier of choice for critical minerals.