The federal government has not raised national security concerns about a Chinese company’s planned acquisition of a Canadian gold miner, clearing the way for the transaction.
Shareholders of Allied Gold Corp. voted in favour of China’s Zijin Gold International Co. Ltd.’s proposed $5.5 billion acquisition of the company last week.
Industry Minister Mélanie Joly reviews all proposed foreign takeovers of Canadian companies in case of national security vulnerabilities. The reviews include assessing how the deals will affect Canada’s defence capabilities, critical supply chains, and the potential for enabling foreign espionage.
The Canadian government had a 45-day window to raise concerns about the deal, but it did not do so, meaning it was approved by default. The government would still be able to block Zijin’s acquisition of Allied if it fails to pass the ongoing net economic benefit review, which examines the deal’s impact on the Canadian economy, jobs, and supply chains.
Innovation, Science and Economic Development Canada said in a statement to The Epoch Times that the government is aware of the transaction, but said it can’t comment on specific transactions due to confidentiality provisions in the Investment Canada Act….