Sinomine forced to cut ties on Cochrane-area cesium-lithium exploration project
A Hong Kong financier has been ordered to cut ties with a junior exploration company hunting for cesium, lithium and other critical minerals near Cochrane.
Innovation, Science and Industry Minister Francois-Phillippe Champagne delivered the news on Nov. 2, ordering Sinomine and two other Hong Kong and Chinese companies – Chengze Lithium International and Zangge Mining Investment – to pull their investments from Vancouver and Calgary-based companies with lithium projects in South America.
An off-take agreement is an arrangement between a mining company and a buyer. They're generally negotiated after a mine feasibility study is done and before mine construction. The arrangement only works if the exploration project becomes a mine. These minerals are key for the Canadian and U.S. governments to transition into a more green economy while securing more safe and secure raw materials for the domestic supply chain.
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