18:10:24 EDT Thu 02 May 2024
Enter Symbol
or Name
USA
CA



Solaris Resources Inc
Symbol SLS
Shares Issued 150,807,029
Close 2024-01-12 C$ 4.32
Market Cap C$ 651,486,365
Recent Sedar Documents

FP/wire say Chinese mining giant wants chunk of Solaris

2024-01-15 09:06 ET - In the News

The Financial Post reports in its Saturday edition that Zijin Mining Group plans to take a 15-per-cent stake in Canadian copper company Solaris Resources, testing Canada's national security rules following a recent crackdown on foreign ownership. A Bloomberg dispatch to the Post says that Vancouver-based Solaris, which explores for mineral deposits in the Americas, said Thursday that the $130-million (U.S.) investment would be used to advance a copper project in Ecuador. It would also give Zijin a seat on Solaris's board. The proposed deal, which will be subject to a national security review by the Canadian government, follows tougher rules on investments by foreign state-owned entities in the country's critical-minerals sector. Such deals will only be approved "on an exceptional basis" if they are considered a "net benefit" to the country. In 2022, the government ordered three Chinese investors to sell their stakes in a trio of Canadian lithium players. Canada's approval process typically involves a national security review that can take 200 days or more and would then require sign-off from lawmakers including the federal Industry Minister. Solaris closed Friday at $4.32, up 11 cents on the Toronto Stock Exchange.

© 2024 Canjex Publishing Ltd. All rights reserved.