12:17:02 EDT Thu 02 May 2024
Enter Symbol
or Name
USA
CA



Solaris Resources Inc
Symbol SLS
Shares Issued 150,807,029
Close 2024-01-11 C$ 4.21
Market Cap C$ 634,897,592
Recent Sedar Documents

Globe says Chinese mining giant wants chunk of Solaris

2024-01-12 06:55 ET - In the News

The Globe and Mail reports in its Friday edition that China-based resource giants are once again making inroads into the Canadian critical minerals sector, despite a crackdown by Ottawa over national-security concerns that had made it almost impossible for such transactions to occur. The Globe's Niall McGee writes that Solaris Resources on Thursday said that China's Zijin Mining Group plans to take a 15-per-cent interest worth $130-million in the Vancouver-based copper development company. Zijin is based in Fujian province, valued at $43.8-billion (U.S.) and is already deeply embedded in the Canadian mining sector, with joint ventures in place with Ivanhoe Mines and Barrick Gold. Solaris plans to use the funds raised from Zijin to advance its Warintza copper project in Ecuador. If the deal closes, Zijin would be entitled to a seat on the board. Zijin's proposed investment into Solaris is far from a done deal. It is subject to a national-security review. "The government has not hesitated and will not hesitate to take action on transactions that would be injurious to Canada's national security," Andrea Daigle, a spokesperson for Innovation, Science and Economic Development Canada, said in a statement to The Globe.

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