The move appears to insulate domestic companies from takeovers when the world’s biggest mining firms are hunting for metals that underpin the global transition away from fossil fuels. Industry giants such as Glencore Plc, BHP Group Ltd. and Rio Tinto Plc have been seeking to boost exposure to metals like copper as the appetite for large, transformational deals returns across the industry.
Canadian mining firms, in turn, have become appealing targets. Teck Resources Ltd. spent much of last year fending off Glencore’s $23 billion takeover attempt before the Swiss company opted instead to just buy the company’s steelmaking coal business. The federal government approved the $6.9 billion deal on Thursday, while also setting new criteria for future foreign mining deals.
“This high bar is reflective of the strategic importance of Canada’s critical minerals sector and how important it is that we take decisive action to protect…
