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. In May, Vancouver-based Pan American Silver Corp.
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.
Certain types of foreign investments involving Canadian companies are reviewed on national security grounds, and Jinteng voluntarily notified the Director of Investments at Innovation, Science and Economic Development Canada shortly after the agreement was announced. Jinteng claims in a judicial review application filed in Federal Court in late July that the minister “lacks jurisdiction under the act” to order a national security review of the La Arena deal.
The company claims in its application that the minister’s decision is “based on an untenable and unreasonable interpretation of the act, and is therefore wrong in law.” Shull said the Canadian government has indicated its intention to scrutinize and"get tougher on" foreign investments involving things like strategic minerals involving"hostile states."
"The Government of Canada does not comment on matters before the court. Due to confidentiality provisions of the Investment Canada Act, the Government cannot comment on specific transactions," the agency said in an emailed statement.
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