SRG Mining scraps C$16.9m deal with China's C-ONE as Canada tightens scrutiny
Graphite miner SRG Mining on Tuesday called off a C$16.9-million investment deal with China's Carbon ONE New Energy Group (C-ONE) following heightened scrutiny from the Canadian government.
Shares of SRG Mining slumped 18.5% to C$0.44 in Toronto in afternoon trading.
"The conclusion to discontinue our transactions with C-ONE, though challenging, was made with a clear focus on safeguarding and advancing the interests of our shareholders and stakeholders," SRG said.
C-ONE, an anode materials company backed by Chinese entrepreneur Yue Min, last year signed the C$16.9-million deal for a 19.4% stake in SRG. The graphite miner last week said it would incorporate in Abu Dhabi Global Markets while maintaining its Canadian stock market listing.
In 2022, the Canadian government proposed beefing up its foreign investment rules to give it power to block or unwind critical investments that pose a threat to national security.
China has invested C$21-billion in Canada's mining industry between 1993 and 2023. In 2022, Canada had ordered Chinese companies to sell their stakes in three Toronto-listed lithium firms.
However, smaller mining firms, which produce lithium, nickel and other green energy metals, are worried that such scrutiny can limit their ability to raise funds.
Comments
Research Reports
Projects
Showroom
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
At John Ratcliffe, we are aftermarket specialists for heavy-duty on and off-road vehicles. We engineer and retrofit advanced safety systems, engine...
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
