China’s Zijin plans stake in Canadian miner, testing security rules
Zijin Mining Group plans to take a 15% stake in Canadian copper company Solaris Resources Inc., testing Canada’s national security rules following a recent crackdown on foreign ownership.
Vancouver-based Solaris, which explores for mineral deposits in the Americas, said Thursday that the $130-million investment would be used to advance a copper project in Ecuador. It would also give Zijin a seat on Solaris’ board of directors.
The proposed deal, which will be subject to a national security review by the Canadian government, follows tougher rules on investments by foreign state-owned entities in the country’s critical minerals sector. Such deals will only be approved “on an exceptional basis” if they’re considered a “net benefit” to the country, the government has said.
In 2022, the government ordered three Chinese investors to sell their stakes in a trio of Canadian lithium firms. Canada’s approval process typically involves a national security review that can take 200 days or more and would then require sign-off from lawmakers including the federal industry minister.
Solaris said its Warintza copper project in Ecuador is one of the “last remaining greenfield copper districts at low elevation and adjacent to infrastructure available globally.” The metal is among several critical minerals that are essential for electric-vehicle batteries, solar panels and wind turbines.
Comments
Projects
Latest Multimedia
Latest News
Showroom
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
