Power Metals and Hong Kong partner plan to appeal federal divestment order
A junior miner searching for cesium and lithium in northeastern Ontario said its Hong Kong financing partner intends to appeal a Canadian government order to pull its investment from the critical minerals exploration project.
In the meantime, it’s business as usual Power Metals said of its ongoing exploration drilling at its Case Lake Project site, 80 kilometres east of Cochrane, near the border with Quebec.
Power Metals and Sinomine were among three Hong King and Chinese-financed exploration partnerships named yesterday by Innovation Minister François-Philippe Champagne as being forced with withdraw its foreign investment in the critical minerals exploration play in northeastern Ontario.
National security has been cited as a reason for Ottawa’s clampdown on foreign investment in domestic natural resources projects by countries deemed by Ottawa as hostile to Canada’s interests.