Solaris scraps financing deal with Zijin, but China strengthens its grip over critical minerals [BNN Bloomberg (Canada)]
Lithium Americas (Argentina) Corp. Common Shares (LAAC)
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Source: BNN Bloomberg
In January, Solaris had revealed plans to sell a 15 per cent stake to Zijin for C$130 million. The announcement came amid Canada's stringent measures against Chinese government-linked firms investing in the critical minerals sector. The Canadian government has stated that such transactions will only be approved "on an exceptional basis." In 2022, three Chinese investors were ordered to divest their holdings in three Canadian lithium companies, and in March junior graphite explorer SRG Mining Inc. reversed its plans to secure $17 million from a Chinese firm for a 19.4 per cent stake in the Montreal-based company, following criticism from Canada's industry minister the previous day. Beijing's significant role in global mining supply chains — particularly concerning critical minerals essential for electric vehicles and military hardware — has prompted Western countries to seek greater reliance on domestically produced materials or imports from allied countries "It's well documente
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