Prime Minister Justin Trudeau’s decision to effectively block Chinese investment in Canadian miners diluted Beijing’s influence. In the case of Ultra Lithium, it also hampered the attempts of a small Canadian company to gain a toehold in the industry.
Ultra Lithium will own about 25 per cent of Power Minerals as soon as the deal goes through. In the longer run, Ultra could end up owning about 50 per cent of Power, which would pave the way for it to continue developing the Laguna project with capital raised from the Australian stock exchange, where Power is listed.Article content
The order was a shock because Canada had long taken a liberal approach to foreign investment in the mining industry. The government said it was important to ensure Canada remained in control of