China won’t back down in takeover of Canadian mineral companies, says ambassador

By Cosmin Dzsurdzsa

The Chinese government isn’t backing down on its bid to buy up majority stakes in Canadian critical mineral companies.

That was the message recently relayed by Chinese ambassador to Canada Cong Peiwu in comments recently made to Bloomberg.

“Politicizing normal commercial cooperation and using national security as a pretext for political interference is wrong. China has expressed firm opposition to this. We will continue to do business on the basis of mutual respect and mutual benefit,” said Cong.

Cong told the outlet that Chinese investors will continue doing business as usual and make bids for resource companies specializing in critical minerals abundant in Canada including lithium, graphite, copper and other rare earth elements.

Dominating the critical mineral market is a key strategy for China to gain a competitive advantage over its economic competitors, as the minerals are used in manufacturing microchips in electronics and digital technology.

Trudeau has signalled support for a critical mineral divestment strategy to counter China’s push for access to the Canadian market.