TORONTO, July 8 (Reuters) – Shares of Canadian companies that mine critical minerals such as copper and uranium fell on the Toronto Stock Exchange (TSX)on Monday as investors assessed the potential impact of Canada’s announcement last week that it would restrict large mergers and acquisitions in the sector.
Last Thursday, Industry Minister Francois-Philippe Champagne cleared London-listed Glencore’s takeover of the coal unit of Teck Resources under strict conditions after taking into account the “net benefit” that the deal would carry for Canadians.
But he added Canada in future would allow large mergers and acquisitions in the sector only under the “most exceptional circumstances.” Champagne said the ministry would set a high bar for clearing deals involving large Canadian companies in the critical minerals sector, reflecting the strategic importance of critical minerals and the need for Canada to protect its interests.
For the rest of this article: https://www.reuters.com/markets/commodities/canadian-critical-mineral-shares-fall-concern-after-tighter-ma-announcement-2024-07-08/