Conservative MPs are calling for a national security review of a Chinese company’s plan to acquire substantial shares in Vital Metals, a Canadian rare earth mining company. This move follows a recent government directive to exclude three Chinese firms from the Canadian critical mineral industry.
On Dec. 8, Conservative MPs Rick Perkins, shadow minister for innovation, and Shuvaloy Majumdar issued a joint statement on the platform X, urging the innovation minister to leverage his powers and launch a review of the proposed acquisition of Vital Metals shares by Shenghe Resources, a Chinese company partially owned by the Chinese state.
“China’s acquisition are once again threatening Canada’s economic security,” reads the statement.
“Conservatives demand that the Minister of Innovation, Science, Industry invoke the powers of the Investment Canada Act under section 25.3 immediately to review this deal to the maximum allowable timeline so we can protect Canadian resources and jobs from the control of the Chinese Communist Party [CCP].”
This provision enables the review of investments if, following consultation with the public safety minister, the innovation minister deems it a potential…
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