“Canada has a few of the greatest mineral exploration firms on this planet,” he mentioned. “As world leaders, I consider it’s in our greatest pursuits to work collectively.”
Canadian Prime Minister Justin Trudeau’s authorities has sought to limit mining offers involving overseas state-owned entities for practically two years in efforts extensively seen as concentrating on China’s dominance within the international crucial minerals provide chain. A sequence of guidelines and restrictions hasn’t stopped junior mining corporations based mostly in Canada from in search of out Chinese language capital to again costly and dangerous tasks handed over by Canadian traders.
Zijin, one among China’s most acquisitive metals teams, has repeatedly clashed with Canada’s authorities over mining offers. The agency failed to purchase a 15% stake in Vancouver-based Solaris Sources Inc. earlier this 12 months after dealing with a prolonged regulatory assessment. The state-owned agency additionally challenged a authorities assessment of its plan to purchase a Peruvian gold mine from Pan American Silver Corp.
China’s investments have offered capital to small mining corporations when crucial minerals have develop into an important ingredient within the transition away from fossil fuels. Metals together with lithium, copper, nickel and cobalt are key elements of electrical autos, photo voltaic panels and wind generators, and international locations together with Canada and the US are pushing to construct provide chains to cut back China’s dominance within the trade.
Shen’s feedback echo sentiments expressed in March by China’s ambassador to Canada, who known as Trudeau’s crackdown on overseas funding in mining “unlucky” and “unsuitable.”
“It’s our view — and I believe most of our friends right here agree — that market-based transactions with out political interference have benefited all events and contributed to higher tasks for useful resource improvement,” Shen mentioned.
(By Jacob Lorinc)