Canada has just upped the ante in the global competition to secure critical minerals - AndyHomeMetals
The Canadian government
The move marks a hardening of geopolitical battle-lines in the metals sector and raises the question of what Canada and its metallic allies might do next in the name of national security.The three impacted Canadian companies – Power Metals Corp, Ultra Lithium Inc and Lithium Chile Inc – are sitting on lithium deposits in Canada, Argentina and Chile respectively.
Sinomine, one of the world’s largest rare earth producers, took a 5.7% stake in Power Metals for C$1.5m in a January fund-raising round. The three abandoned brides will have to find new partners with the government proviso that suitors “share our interests and values.”Canada’s new policy on critical minerals investment is wide-ranging and far-reaching.
Canada, for example, has for many years been a supplier of mined copper concentrates to China, shipping 430,000 tonnes last year.“We will need to be very thoughtful going forward about what we are willing to allow,” said Canadian Natural Resources Minister Jonathan Wilson in a June interview with the. “It is not just true of ownership, but I think we also have to be looking at things like long-term off-take agreements,” he added.
Assuming the current spat can be smoothed out, there is the clear potential for other members to halt Chinese investment into their respective mineral sectors.
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