PREVIEW Miners grow anxious as Canada tightens foreign investment rules – by Divya Rajagopal (Reuters – March 6, 2023)

TORONTO, March 5 (Reuters) – Junior mining companies hoping to produce lithium, nickel and other green energy metals are worried that Canada’s crackdown on some overseas investors may limit their ability to raise funds for mines and related facilities.

Ottawa last fall proposed bolstering its Investment Canada Act (ICA) to give government ministers power to block or unwind critical minerals investments if they believe such deals threaten national security.

The changes would essentially give the government greater control over companies listed on the Toronto Stock Exchange and are expected to be finalized this spring. That tension will be top of mind at this week’s annual Prospectors and Developers Association of Canada (PDAC) conference in Toronto, one of the world’s largest gatherings of mining companies and their financiers.

Nearly half of the world’s mining companies are listed in Toronto and the city has long been a premier destination for junior mining companies to raise funds, above even rival exchanges in Sydney, New York and London.

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