Chinese investment in Canada’s critical minerals sector ramps up as Zijin Mining aims to take 15% stake in Solaris Resources – by Niall McGee (Globe and Mail – January 12, 2024)

China-based resource giants are once again making inroads into the Canadian critical minerals sector, despite a crackdown by Ottawa over national security concerns that had made it almost impossible for such transactions to occur.

Solaris Resources Inc. SLS-T on Thursday said that Zijin Mining Group of China plans to take a 15-per-cent stake worth $130-million in the Vancouver-based copper development company.

Based in China’s Fujian province and valued at US$43.8-billion, Zijin is one of the giants of the global resource industry, and already deeply embedded in the Canadian mining sector, with joint ventures in place with Ivanhoe Mines Ltd. and Barrick Gold Corp.

Solaris plans to use the funds raised from Zijin to advance its Warintza copper project in Ecuador. If the deal closes, Zijin would be entitled to a seat on the board, thus giving it influence over the strategic direction of the Canadian mining company.

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