Gold and copper miner Zijin will own about 15 per cent of Solaris’s common shares on a fully diluted basis under the agreement announced Thursday, which will fund Solaris’s copper mine in southeastern Ecuador. Zijin would be the second-largest shareholder and entitled to a board seat for as long as it owns at least five per cent of Solaris. (The Logic)

Talking point: More traditional gold miners are eyeing expansions into metals for the energy transition, like the copper used in electric vehicles and electricity grids. But the Chinese miner’s investment would come as North American leaders try to build domestic critical-mineral supply chains outside China, while China, in turn, clamps down exports of critical minerals like rare earths and graphite. The deal needs approval under the Investment Canada Act—which lets the government review foreign investments for national security risks and ensure they benefit the country—and approval from both the Toronto Stock Exchange and Chinese authorities. In 2022, Canada’s government ordered three Chinese companies to divest their stakes in Canadian lithium firms. Innovation, Science and Economic Development Canada spokesperson Andréa Daigle said the government can’t comment on reviews under the Investment Canada Act’s confidentiality rules, but the government is aware of the deal and “will not hesitate to take action on transactions that would be injurious to Canada’s national security.”