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China’s ambassador says the country will continue to do business in Canada’s domestic critical minerals sector despite Prime Minister Justin Trudeau’s “unfortunate” crackdown on foreign investment.
This year alone, Zijin Mining Group Co. initiated plans to buy a 15% stake in Canadian copper company Solaris Resources Inc., Ganfeng Lithium Group Co Ltd. moved to take a 15% stake in Vancouver-based Lithium Americas Argentina Corp. and Yintai Gold agreed to buy gold explorer Osino Resources Corp. for C$368 million .
China has found an ally in Canada’s cash-strapped junior mining firms, some of which have called on Ottawa to relax tougher rules on Chinese investment while the sector struggles to raise capital while commodity prices are low.