The government ordered the divestiture after a “rigorous scrutiny” of foreign firms by Canada’s national security and intelligence community, Industry Minister Francois-Philippe Champagne said in a statement.
Sinomine was asked sell its investment in Power Metals Corp, Chengze Lithium asked to divest itself of its investment in Lithium Chile Inc and Zangge Mining is required to exit from Ultra Lithium Inc, according to the statement.
“While Canada continues to welcome foreign direct investment, we will act decisively when investments threaten our national security and our critical minerals supply chains, both at home and abroad,” Champagne said.
Last week, Ottawa said it must build a resilient critical minerals supply chain with like-minded partners, as it outlined rules meant to protect the country’s critical minerals sectors from foreign state-owned companies.
“The federal government is determined to work with…
