Ottawa restricting foreign state-owned investments in critical minerals New rules set a higher bar
Ottawa restricting foreign state-owned investments in critical minerals
New rules set a higher bar for foreign investment to be considered beneficial
CBC News · Posted: Oct 29, 2022 5:27 PM ET | Last Updated: October 29
https://www.cbc.ca/news/politics/ottawa-critical-minerals-plan-1.6634386
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The federal government is restricting the involvement of foreign state-owned companies in Canada's critical minerals sector amid a global rush for the resources and growing tensions with China.
Industry Minister Francois-Philippe Champagne and Natural Resources Minister Jonathan Wilkinson announced the new approach in a statement Friday, saying critical minerals are key to Canada's prosperity and security.
"Increasing demand and constrained supply of these all-important minerals are presenting Canada with a generational economic opportunity, and the government of Canada is committed to seizing that opportunity while delivering on its ambitious climate goals," the ministers said.
"While we continue to welcome foreign direct investment that supports this goal, Canada will act decisively when investments threaten our national security and our critical minerals supply chains."
The new rules will make it more difficult for companies owned or operated by foreign governments to buy or invest in the industry, with the government planning to set a higher bar for whether such a transaction is considered beneficial to Canada.
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