The government approved a narrowed US$6.9-billion deal for Swiss mining giant Glencore to buy Teck Resources’ B.C.-based metallurgical coal business, Elk Valley Resources. In a statement, Innovation Minister François-Philippe Champagne said that going forward, foreign investment deals that are subject to net benefit reviews and involve Canadian miners with “significant” critical minerals operations will only be approved in “the most exceptional of circumstances.” (The Logic)

Talking point: The Investment Canada Act includes national security reviews, but a relatively small number of large deals face a separate process examining whether foreign investors’ controlling stakes in Canadian companies benefit Canada. Champagne said the government has set a “high bar” for miners as it tries to protect strategically important metals. Glencore will be required to maintain Canadian head offices and ensure at least two-thirds of leadership roles are filled by Canadians for a decade, maintain significant employment levels for five years, honour agreements with First Nations and spend an additional $350 million in the rehabilitation and closure of the mining area.