In recent years, the government blocked deals involving Chinese companies and Canadian miners developing critical minerals
A Chinese company’s subsidiary is buying a Vancouver-based gold miner for about $581 million amidst rising gold prices, subject to approval by the Canadian government, among others.
Lumina Gold Corp., which is listed on the TSX Venture Exchange, isn’t producing gold yet but is developing the Cangrejos project in Ecuador, which it describes as that country’s “largest primary gold deposit,” based on a study conducted in 2023. The project is being sold to a Singaporean entity of China’s CMOC Group Ltd.
“After advancing the Cangrejos project for over 10 years and taking it from no defined resources to being poised to be one of the largest gold projects globally, the Lumina Group is excited for the transition,” Marshall Koval, Lumina’s chief executive, said in a statement on Monday. The company’s share price rose to its highest point in more than a decade on Monday, closing the day at $1.16 per share.
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