Questions linger a year after Canada placed curbs on foreign companies to protect critical minerals

The U.S. passed the Inflation Reduction Act last year, which includes several tax benefits for businesses such as a tax credit of up to US$7,000 for electric vehicles made primarily in North America or its allies.. For example, billionaire miner Robert Friedland and Mark Bristow, chief executive of Barrick Gold Corp, the world’s second-largest gold company, said the move would make it more difficult for miners to produce the metals needed for the energy transition.

DeCecco was a bit more surprised than executives at the other two miners when the government asked their Chinese investors to exit since Lithium Chile’s mining projects were based outside Canada, specifically Chile and Argentina. As a result of the government order, “numerous” miners with foreign assets are not incorporating in Canada and those who already have are looking to relocate their headquarters, DeCecco said. But the TMX Group, one of the most popular exchanges for miners globally, said it didn’t have data to support that claim.

In terms of acquisitions and mergers, miners have to think about Canada’s regulatory issues and discuss them with potential buyers at an early stage.

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Questions linger a year after Canada placed curbs on foreign companies to protect critical mineralsIndustry uncertainty remains with Ottawa's divestment orders dominating discussions in the mining world over the past year
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