Canadian government ordered three Chinese companies to divest from Canadian companies involved in critical minerals exploration based on national security concerns.
A junior exploration company in the critical minerals spacein response to the Canadian government ordering one of its investors to divest from the company.
Earlier this year, Ultra Lithium announced Zangge Mining would invest in Ultra Lithium’s Laguna Verde Brine lithium project in Argentina. Under the agreement, Zangge would pay Ultra Lithium $10 million, and invest $40 million in the Laguna Verde project, which would give Zangge a 65% stake in the project.
Ultra Lithium did not initially respond to BIV’s request for comment when the divestment order was announced last week. But the company has since issued a news release expressing surprise at the decision, and challenging the federal government to help find alternative financing. “Ultra Lithium encourages the federal government to actively follow through on its commitment to Canadian businesses to identify and find alternative sources of capital and to retain Canada’s status as a stable and top tier mining destination.”
“Power Metals has made a substantial discovery of cesium, lithium and tantalum and this political gamesmanship demonstrates the extreme value of Power Metals assets. Sinomine will respond to the Canadian government shortly as they look at the appeal process.”
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