Canada blocked a deal for a Chinese company to buy a Nunavut gold mine project, Doris North in the Hope Bay region, in 2020. (TMAC Resources)
“You could probably make a fairly compelling case that this is part of a strategic play on China’s part in Latin America,” he said.
“The Canadian government, the American government, a whole bunch of others have been making a lot of noise about being tougher on this type of stuff. I think that what you’re seeing here is the kind of implementation of that sabre rattling in this kind of contested geopolitical environment.”
Jinteng’s Canadian lawyers did not respond to a request for comment.
Innovation, Science and Economic Development Canada also declined to speak about Jinteng’s Federal Court application.
“The government of Canada does not comment on matters before the court. Due to confidentiality provisions of the Investment Canada Act, the government cannot comment on specific transactions,” the agency said in an emailed statement.
The federal government announced “significant changes” to the act in March this year.
“While foreign investment is essential to economic prosperity, the Investment Canada Act is a key lever that allows the government of Canada to act quickly and decisively when foreign investment would threaten national security,” the department said at the time.
“As the world changes and threats evolve, Canada needs new tools to continue protecting the economy and keeping Canadians safe.”
Shull said the case documents don’t indicate what specific national security concerns the minister may have, but said he’ll be watching the case closely for the outcome.
He said if the company’s successful in staving off a national security review, it would put Canada in an “odd spot” by potentially giving foreign companies a means of structuring deals outside the legislative regime with “just a bunch of creative lawyering.”
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Publish date : 2024-08-11 06:44:00
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