OTTAWA (ON), October 28, 2022 /CNW Telbec/ – Today, the Honorable François-Philip ChampagneMinister of Innovation, Science and Industry, and the Honorable Jonathan Wilkinson, Minister of Natural Resources, released the following statement regarding updated guidelines for foreign investment by state-owned enterprises in the sectors critical mines:

“Critical minerals are essential to power the green and digital economy of tomorrow. The growing demand and limited supply of these essential minerals present Canada with a generational economic opportunity, and the government of Canada is committed to seizing this opportunity while achieving its ambitious climate goals.

“That is why Canada must strengthen the strategic resilience of the North American supply chain of critical minerals with like-minded partners at home, within North Americaand around the world.

“As we continue to welcome foreign direct investment that supports this goal, Canada will act decisively when investments threaten our national security and critical mineral supply chains. To this end, Minister Champagne is providing additional guidance on the application of the Investment Canada Act in cases involving critical minerals and critical mineral supply chains.

“As of today, significant transactions by foreign state-owned companies in from Canada critical mineral sectors will only be approved as likely net benefits on an exceptional basis. In addition, if a foreign state-owned company were involved in these types of transactions, this could constitute a reasonable ground to believe that the investment could be detrimental to from Canada national security, regardless of the value of the transaction.

“The federal government is committed to working with Canadian businesses to attract foreign direct investment from partners who share our interests and values. from Canada essential minerals are essential to the future prosperity of our country. We will continue to encourage and work with Canadian companies in need of investment capital, helping to identify and find partnerships that will best serve the interests of Canadian businesses, workers and the economy.

“Today’s leadership comes as the Government of Canada is finalizing its Critical Minerals Strategy, which will position Canada as the global supplier of choice for critical minerals.”

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