Canada's stance on foreign investment in critical minerals gets its first big test as Saudi eyes stakes in nickel mines. Prime Minister Trudeau's govt tightened regulations, requiring State-owned deals to prove 'net benefit'.
Canada’s vow to curb foreign investment in its critical minerals sector will face its first major test with Saudi Arabia’s deal to buy into some of the country’s largest nickel mines.government introduced new rules in October that added a layer of regulatory scrutiny to investments by foreign state-owned entities. Such deals will only be approved “on an exceptional basis” if they’re considered a “net benefit” to the country.
“The government will give enhanced scrutiny to this type of investment,” Canadian industry ministry spokespersonsaid in a Friday statement. “The government takes very seriously its responsibility to protect national security and acts decisively when necessary.” Vale announced Thursday that Saudi Arabia’s Public Investment Fund and Saudi Arabian Mining agreed to buy a joint 10% stake in the Brazilian mining company’s base metals unit. Vale operates Canada’s largest nickel mine, Voisey’s Bay in Labrador, and operations in Sudbury, Ontario.
Canada’s approval process would involve a national security review that can take 200 days or more and would then require sign off from Canadian lawmakers including the federal industry minister. Vale’s Chief Executive Officer Eduardo Bartolomeo dismissed the potential for regulatory hiccups in a Friday interview, pointing to Canada’s recent restoration of diplomatic ties with Saudi Arabia.
“We are the ones who run the show, they are passive partners,” he said in an interview. “Our principles will rule.”
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Wagner mercenaries in Belarus move closer to the Polish border, Poland's prime minister saysOver 100 mercenaries belonging to the Russian-linked Wagner group in Belarus have moved close to the border with Poland, the Polish prime minister said Saturday.
Lire la suite »
Wagner mercenaries in Belarus move closer to the Polish border, Poland's prime minister saysWARSAW, Poland (AP) — Over 100 mercenaries belonging to the Russian\u002Dlinked Wagner group in Belarus have moved close to the border with Poland, the Polish prime…
Lire la suite »
Canada's first Filipina federal minister arrives carrying a lot of expectations | CBC NewsRechie Valdez arrives in cabinet as a member of one of the country's least-represented ethnic groups: Filipino-Canadians.
Lire la suite »
Canada vs. Australia: Live updates of Canada’s third Women’s World Cup matchCanada makes its third appearance at the World Cup today. Here’s who is playing, where to watch and news from Australia
Lire la suite »
CANADA: Canada Goose launches second-hand trade-in programThe program is being launched to further Canada Goose's commitment to sustainability but also cater to the growing number of people seeking second-hand goods
Lire la suite »
CANADA: Canada Goose launches second-hand trade-in programThe program is being launched to further Canada Goose's commitment to sustainability but also cater to the growing number of people seeking second-hand goods
Lire la suite »