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First Quantum Minerals Ltd
Symbol FM
Shares Issued 692,453,106
Close 2022-11-15 C$ 32.86
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Globe says Teck, others escape Ottawa's edict on China

2022-11-16 07:41 ET - In the News

See In the News (C-TECK) Teck Resources Ltd

The Globe and Mail reports in its Wednesday edition that the heads of several battery metals companies are calling on Ottawa to correct what they characterize as slapdash efforts to support and fund the Canadian critical minerals industry, as the United States government considers investing in Ontario's Ring of Fire critical minerals region. The Globe's Niall McGee writes that the U.S. Department of Defense said last week that it is willing to help fund feasibility studies for mining companies across North America with promising projects. Its aim is to help alleviate shortages of some critical minerals and claw back China's dominance in the industry. These minerals include lithium, cobalt, graphite and battery-grade nickel. All of those are essential components in electric car batteries. The Globe notes that while Ottawa has forced Chinese state-owned enterprises to immediately sell their shares of three small Canadian battery minerals companies, the federal government did not mandate any divestment from large Canadian critical minerals companies with Chinese state-owned shareholders. Those include Teck Resources, First Quantum Minerals and Ivanhoe Mines -- all of which have huge mines in operation.

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