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Ottawa is making foreign investment in critical minerals more restrictive as the mining industry seeks capital to develop the raw materials that will be key to a low-carbon economy.
Industry Minister François-Philippe Champagne approved Glencore PLC’s US$6.9-billion acquisition of Teck Resources Ltd.’s metallurgical coal-mining business on Thursday, attaching a series of conditions following a net-benefit review. Teck said the deal will free up billions of dollars to reward its shareholders and speed up development of its copper production.
Along with the approval, Mr. Champagne imposed a stricter policy for net-benefit reviews of foreign takeovers of miners with sizable critical-minerals operations. Under the Investment Canada Act, the ministry conducts such an examination of economic, employment and industrial impact when a foreign player launches an bid of at least $1.3-billion in enterprise value for control of a Canadian entity.
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