Toronto Star- Ottawa looks on as China buys Canadian lithium operations
The decision is bizarre. Lithium, which is on a list of 31 minerals that Ottawa says are critical to Canada’s economy, is imperative to modern manufacturing, including large-scale battery storage needed for clean energy transition and, significantly, batteries for the flourishing electric vehicle (EV) industry.
Now the Zijin Mining Group Ltd is cleared to buy Toronto-based Neo Lithium Corp.
Our glorious leaders have been selling Canada out from under us for decades.
Stelco, Dofasco, etc.
Local enterprises can’t compete with foreign state-funded orgs, because the local orgs don’t have the big bags of kick-back money for our owners.
Stelco ran itself into the ground and went belly up.
Dofasco was bought by ArcelorMittal, a corporation based in Luxumbourg and, the last I heard, Luxumbourg was still on our side.
Falconbridge was taken over by Xstrata, based in Switzerland. The Swiss are still neutral.
Alcan is now part of Rio Tinto, which has headquarters in both the U. K. and Australia. I believe the Brits and Aussies are still part of the Commonwealth.
I mention those names because I used to have shares in each of them. Except for Stelco, which I remember selling for a loss, I made a lot of money from the takeovers, though I voted against them. To be honest, I was short of cash when all that took place close to 20 years ago. (Thanks a lot for nothing, Paul Martin and Jean Chretien.) It’s hard to say no to more than doubling my money, which I did with Alcan, when I didn’t have much of an income at the time.
Would you rather have had China buy them?
I wonder if they are, or will be, recip[ients of sustainable green dollars?
If anything happens in that regard, it won’t affect me as I sold my shares in those companies shortly after those acquisitions went through. Back then “green”, aside from the colour of money, wasn’t even an issue.
Thinking back on Stelco, I might have been wrong. I’m not sure right now if I held any shares, though, perhaps, my father might have.
I know my broker and I were discussing it and he saw the writing on the wall for that company in the late 1990s. Stelco was in severe trouble, which might have been why he recommended Dofasco. The latter was a solid firm and, since it produced steel, its product was in demand.
When Dofasco, Falconbridge, and Alcan were purchased, my broker was puzzled about the timing. The respective share prices at the time were comparatively high and he wondered by those acquisitions weren’t made when those shares weren’t worth as much.
Mittal is a large Indian owned company that took over and merged with Arcelor. The past owner of Mittal started the Force India Formula 1 team years ago.
As Martin Brundle used to say, “if you want to make a small fortune in Formula 1, start with a large fortune”.
I knew about its Indian connection, though it slipped my mind when I wrote my earlier comment. If I remember correctly, Mittal was actually the company that bought Dofasco and the amalgamation with Arcelor took place several years later.
Serves me right for using Wikipedia as my sole source of information…..
Neo Lithium has one m ine in Argentina.
If you are correct then this is the critical comment that reveals the political, moral and economic ignorance of any Canadian opposition to the sale of Neo Lithium to the Chinese.
If the small dead animals commentariat bought land in Argentina and then got shit for selling that Argentinian land to a Chinese national on the grounds that it was harmful to Canadian National security they’d be outraged and / or laughing.
Well, Fred, one might say this is an example of the quality of information one gets by following SDA 🙂
he’s correct, I commented the same earlier… I was just curious as to when the Toronto Star learned that Canada had invaded and annexed Argentina…
That mine produces Lithium Carbonate by evaporating salt water from the aquifer. This then must be converted to Lithium metal. Here are three equations on breaking down Li2C03.
Anyone notice anything? Anyone? Johnny, did you have your hand up in the back there? What is a bi-product of Lithium?
The formula of lithium carbonate is Li2CO3.
(1) Thermal decomposition
Li2CO3 → Li2O + CO2
The products are lithium oxide and carbon dioxide.
(2) Reaction with hydrochloric acid
Li2CO3 + 2HCl → 2LiCl + CO2 + H2O
The products are lithium chloride, carbon dioxide and water.
(3) Reaction with nitric acid
Li2CO3 + 2HNO3 → 2LiNO3 + CO2 + H2O
The products are lithium nitrate, carbon dioxide and water.
Oh those planet destroying Watermelons. Is nothing sin-free?
Robert…MUCH THANX for that..!!
I am going to Copy Paste said equations.
Gonna come in handy next time I run into one of these Climate imbeciles.
Cheers..!!
Follow the money to a Liberal party donor.
I’m a little confused, did Canada invade and subjugate Argentina when no one was looking? because despite the rantings of the toronto Star, the only reason it likely had a toronto office was to get access to the TMX since there are a lot of mining companies there. Even if a security review took place, there is likely nothing stopping the company from closing the toronto operations, and selling the mine instead of the company.
“Theres an admiration I have for their, basic dictatorship allows them to get things done faster”… Juthtin Turdhole.
It helps when you own the PMO and everyone in it.
A treasonous racist leader is not exactly shocking, a large portion of the country supporting him is the weird psychological science yet to be fully understood.
I’m shocked the star said something critical about the current government.
China is already communist.
That is the attraction.
Here is my hope, Turd sells out Kanukistan. A new US under More doctrine says, NFW, on our door step.
Canada invaded, without opposition, we become free citizens in a free country.
Lord knows, JT and crew are Chicom lackeys, and not an if, just a when. China not a failed state, a very strategic state.
Canada, pffft, a corrupt Gov, and no morals or other basis. How much? Please pay, and here is account in Belize.
Just saying, can always hope, as a nation, Canada is a joke, and armpit country. Sad but true.
Guess the party?
July 20, 2011
Chinese energy giant Cnooc is paying about $2 billion for Opti Canada, an oil producer that operates in the country’s oil sands.
https://www.npr.org/2011/07/20/138532607/business-news
FEBRUARY 25, 2013
TORONTO (Reuters) – The contentious $15.1 billion takeover of Canadian oil and gas company Nexen Inc NXY.TO by Chinese state-owned entity CNOOC Ltd closed on Monday, more than seven months after China’s largest-ever foreign takeover was announced.
https://www.reuters.com/article/us-nexen-cnooc-idUSBRE91O1A420130225
Interesting. Wonder why they’ve been unable to get their lackey, the Baked Potato, to agree to a pipeline to either tidewater or stateside.
A real country would prevent a country like China from buying such resources.