Solaris ends plan to sell stake to Zijin Mining, cites government rules

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to China’s Zijin Mining Group because it feared the deal was unlikely to meet Canada’s stringent foreign- investment standards in a timely manner, the Canadian company said on Tuesday.

“That this transaction cannot be completed in a reasonable time frame signals that Canada’s critical minerals policy is counterproductive in relation to foreign assets,” said Solaris Resources’ CEO, Daniel Earle, in a statement. The stock was down 0.4% on the Toronto Stock Exchange late on Tuesday morning, compared with 0.3% rise in the benchmark Canadian share index.

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