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  • Writer's pictureBy The Financial District

Canada Orders 3 Chinese Firms Out Of Lithium Mines

Canada has ordered three Chinese companies on Wednesday (Thursday, Nov. 3, 2022, in Manila) to pack up and leave with their investments in Canadian critical minerals, citing national security, Ismail Shakil and Siyi Liu reported for Reuters.

Photo Insert: A Power Metals Corp. drilling site

The order Wednesday came amid rising tension between the West and China over control of sources of lithium, rare earths, cadmium, and other minerals used in cellphones, wind turbines, solar cells, electric cars and other emerging technologies, the Associated Press (AP) also reported.

Mia Rabson of the Canadian Press also reported that Innovation Minister François-Philippe Champagne issued the order after a national security review confirmed that the three Chinese companies threaten Canada’s national interest.

The Canadian Broadcasting Corp. (CBC) wants the Chinese companies to sell their stakes to local mining players.

The order requires Sinomine (Hong Kong) Rare Metals Resources to sell its investment in Vancouver-based Power Metals Corp., which has exploration projects for lithium, cesium, and tantalum in northern Ontario.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Chengze Lithium International Ltd. is required to divest its interests in Lithium Chile Inc., a company headquartered in Calgary with more than a dozen lithium projects underway in Chile.

And Zangge Mining Investment is ordered to sell its investment in Ultra Lithium Inc., a Vancouver-based resource development firm with lithium and gold projects in both Canada and Argentina.

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