Anti-China lithium policy detrimental to Canadian shareholders, says Ultra Lithium

Vancouver-headquartered explorer Ultra Lithium on Friday expressed its surprise at Canada’s policy against Chinese investment in the country’s lithium projects and said that it was assessing its legal options to preserve value for its shareholders.

Ultra Lithium and Zangge in June announced a definitive agreement for the development of Laguna Verde, entailing payments of $10-million by Zangge and an investment of $40-million in the project for a 65% stake in Ultra Argentina.“The board of directors and management of the company are very surprised at Canada’s policy against Chinese investment in Canada’s lithium projects and believe that the announcement has been detrimental to the company’s many Canadian shareholders,” said Ultra Lithium.

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Canada orders three Chinese firms to exit critical minerals investmentsThe government of Canada has ordered three Chinese firms to divest from lithium companies in the country, following the introduction of tighter rules on foreign investment in the critical minerals sector earlier. Sinomine (Hong Kong) Rare Metals Resources must divest itself from its investment in Power Metals, Chengze Lithium International must sell its interest in Lithium Chile and Zangge Mining Investment (Chengdu) has to exit its investment in Ultra Lithium.
Source: MiningWeeklyCA - 🏆 48. / 63 Read more »