The Chinese are buying up Canadian rare earth miners
Back in April testimony in front of the House of Commons warned about how China was cornering the market in rare earths, and currently controls 85%. It uses this to control prices and to punish nations which annoy it by cutting back on exports to them.
Now it is buying up Canada's rare earth mining companies. Something it has a habit of doing abroad - and often then bankrupting and closing down the companies to prevent competition. Last week a Chinese company and Canadian rare earth producer Millennial Lithium Corp agreed to a buyout, and yesterday another Chinese company agreed to buy out a second Canadian lithium producer Neo Lithium, Canada's largest producer of rare earths.
If the Trudeau government has any intention of doing ANYTHING to stand up to China and prevent them from increasing their already considerable power and influence over us and our economy the Liberal government needs to stop these purchases and any other like them. If they let these go ahead then I think we can say that this government has no interest in doing anything to protect Canada's independence from China's influence. Anyone want to bet they'll just smile and bow and let the sales go through?
In testimony before the House of Commons natural resources committee this month, experts described China’s decades-long efforts to control the market for critical minerals — including the 17 rare earth elements — by rapidly expanding its processing capacity or by acquiring foreign assets to dominate supply chains. The minerals, which include magnesium, lithium and scandium, are used to develop such strategic products as solar panels, wind turbines, electric car batteries, mobile phone components and guided missiles.
Canada sits atop an abundance of such minerals, from a large deposit of neodymium in northern Saskatchewan (used in the manufacture of magnets) to the sizeable pockets of lithium found in Quebec. That strategic advantage, experts said, makes it incumbent on Ottawa to help strengthen Canada’s supply chain and protect against China’s coercive foreign policy tactics.
https://www.newswire.ca/news-releas...lithium-corp-in-all-cash-offer-852178076.html
https://nationalpost.com/news/canad...rategic-minerals-amid-deteriorating-relations
Back in April testimony in front of the House of Commons warned about how China was cornering the market in rare earths, and currently controls 85%. It uses this to control prices and to punish nations which annoy it by cutting back on exports to them.
Now it is buying up Canada's rare earth mining companies. Something it has a habit of doing abroad - and often then bankrupting and closing down the companies to prevent competition. Last week a Chinese company and Canadian rare earth producer Millennial Lithium Corp agreed to a buyout, and yesterday another Chinese company agreed to buy out a second Canadian lithium producer Neo Lithium, Canada's largest producer of rare earths.
If the Trudeau government has any intention of doing ANYTHING to stand up to China and prevent them from increasing their already considerable power and influence over us and our economy the Liberal government needs to stop these purchases and any other like them. If they let these go ahead then I think we can say that this government has no interest in doing anything to protect Canada's independence from China's influence. Anyone want to bet they'll just smile and bow and let the sales go through?
In testimony before the House of Commons natural resources committee this month, experts described China’s decades-long efforts to control the market for critical minerals — including the 17 rare earth elements — by rapidly expanding its processing capacity or by acquiring foreign assets to dominate supply chains. The minerals, which include magnesium, lithium and scandium, are used to develop such strategic products as solar panels, wind turbines, electric car batteries, mobile phone components and guided missiles.
Canada sits atop an abundance of such minerals, from a large deposit of neodymium in northern Saskatchewan (used in the manufacture of magnets) to the sizeable pockets of lithium found in Quebec. That strategic advantage, experts said, makes it incumbent on Ottawa to help strengthen Canada’s supply chain and protect against China’s coercive foreign policy tactics.
https://www.newswire.ca/news-releas...lithium-corp-in-all-cash-offer-852178076.html
https://nationalpost.com/news/canad...rategic-minerals-amid-deteriorating-relations