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Canada Raises Hurdles for Foreign Deals Targeting Critical Minerals

Minerals and metals in Vale Copper Cliff mine in Sudbury, Ontario.

Minerals and metals in Vale Copper Cliff mine in Sudbury, Ontario.

Photographer: Cole Burston/Bloomberg

Canada’s government is making it harder for foreign state-owned companies to pursue deals that target critical minerals in the resource-rich country.

“Significant transactions by foreign state-owned enterprises from Canada’s critical minerals sectors will only be approved as of likely net benefit on an exceptional basis,” Canada’s federal government said Friday in a statement. Such deals could also give the government “reasonable grounds to believe that the investment could be injurious to Canada’s national security,” it said.