OTTAWA — After a national security review, Innovation Minister François-Philippe Champagne is ordering three Chinese resource companies to sell their interests in Canadian critical mineral firms.
China is the dominant player in critical minerals refining and processing, as well as the manufacturing supply chain of battery cell components. “While Canada continues to welcome foreign direct investment, we will act decisively when investments threaten our national security and our critical minerals supply chains, both at home and abroad," Champagne said in a written statement late Wednesday.
The order requires Sinomine Rare Metals Resources to sell its investment in Vancouver-based Power Metals Corp., which has exploration projects for lithium, cesium and tantalum in northern Ontario. Canada and the U.S. have both identified dozens of minerals and metals they deem essential to their future economic success.
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