OTTAWA/BEIJING :Canada ordered three Chinese companies on Wednesday to divest their investments in Canadian critical minerals, citing national security.China in response accused Ottawa of using national security as a pretext and said the divestment order broke international commerce and market rules.As
OTTAWA/BEIJING :Canada ordered three Chinese companies on Wednesday to divest their investments in Canadian critical minerals, citing national security.
The three ordered to divest their investments are Sinomine Rare Metals Resources Co Ltd, Chengze Lithium International Ltd, also based in Hong Kong, and Zangge Mining Investment Co Ltd. Sinomine was asked to sell its investment in Power Metals Corp, Chengze Lithium was asked to divest its investment in Lithium Chile Inc and Zangge Mining required to exit Ultra Lithium Inc.Chinese foreign ministry spokesperson Zhao Lijian said the Canadian government was using national security as a pretext to block normal cooperation between Chinese and Canadian companies and was damaging global supply chains.
Rystad Energy forcast primary lithium minerals supply to be 8.5 per cent short of the total lithium demand 2025, compared with about 10 per cent short of demand this year. 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.
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