Vancouver-based Pan American Silver Corp. PAAS-T announced a US$300-million agreement to sell its stake in Peru’s La Arena gold mine to Jinteng Mining, a subsidiary of China’s Zijin Mining Group
A subsidiary of a Chinese state-owned mining firm says Canada is wrongly considering a national security review in its agreement to purchase a gold and copper mine in Peru.announced an agreement worth almost US$300 million to sell its stake in Peru’s La Arena gold mine to Jinteng Mining, a subsidiary of China’s Zijin Mining Group.
The federal government maintains a list of nearly three dozen critical minerals “essential to Canada’s economic or national security,” and reviews of investments involving foreign companies like Zijin are a protective measure to maintain Canadian control of materials essential to “the green and digital economy.”
National security experts have warned of the geopolitical consequences of letting foreign actors scoop up Canadian companies in the sector, and Jinteng’s actions to skirt the national security review process represent a test of Ottawa’s reach on companies incorporated in Canada, but that have no domestic operations and exist only to hold foreign assets.
Aaron Shull, managing director and general counsel at the Centre for International Governance Innovation in Ontario, said the case presents a “fairly complicated story that is actually quite simple.” The deal, he said, is not only for gold mining assets, but also for a nearby gold-copper mine and a power transmission facility.
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