There will be shell companies to circumvent.

Smart of them to do that.

Still, this is not difficult to parse.

Ban it outright...

Foreign investment ? sure

Foreign ownership? Very bad idea and not in Canada's interest.

This is the way

This is not about foreign ownership, but foreign government ownership.

Canada is in a peculiar situation, because it's a mineral-rich country that doesn't have any really big mining company. If they want investment in mining they must allow foreign companies to own the mines.

They literally have gold corp.

About fucking time.

Tell that to the government in Alberta please! Although they'll disregard it as another Trudeau pushing us around " and just carry on.

Several IFs there, perhaps we make our decisions under different criteria, thus this law.

Why add the caveat of "state-owned"? Should just be foreign firms period.

"they must allow"

They should just nationalize it.

Nutrien, Barrick, Cameco, Agnico are some pretty big companies all headquartered in Canada. Not that it really matters in mining land, headquarters are often about tax benefits more than operations. Rio Tinto, BHP and most heavyweights have operations in Canada. Canadian headquartered companies also have huge mines all around the world.

What matters most is where the mine is located, not as much the company operating it.

foreign government ownership is foreign ownership....

Following the 2019 merger with Colorado’s Newmont Corp to form Newmont Gold Corp, Gold Corp is now mostly foreign owned and is no longer majority Canadian

Now do our real estate

> They should just nationalize it.

How would that get investments? Who would want to invest in a country that does that?

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It's not foreign private ownership, there's the difference. A private company invests for profit, a government invest for strategic purposes.

right but both are still foreign entities. ...My point is foreign entities, whether private or government, shouldn't be allowed to own industries or resources in Canada.

Bullshit. They MUST? No, there are opportunities for Canadian companies and gov here. Maybe they can partner with U.S.A. companies.

This proves it was actually France that did it! They would never let Britain take credit.

Also makes it very easy to circumvent with a shell company

Guess this is more for show

> foreign entities, whether private or government, shouldn't be allowed to own industries or resources in Canada.

Why not? This hasn't worked well anywhere it has been tried. Look at Cuba or North Korea for some examples.

because things the canadian government deems as critical shouldn't be allowed to come under the control of a foreign entity.

It's a good start. More country need to follow.

They have many massive mining companies mining resources in other countries.

What if something the Canadian government deems as critical isn't available in Canada?

For instance, manganese, vanadium, niobium are essential for high strength steel but Canada has no mines for these minerals. They are under control of foreign entities, no matter what the Canadian government says or does.

The US should do this too

Now you're being asinine.

They are starting to become isolationist. This will last until they realize they need foreign investment.

> If they want investment in mining they must allow foreign companies to own the mines.

You say that as if Canada doesn't do crown corporations and HAS to get the minerals out of the ground and CAN'T POSSIBLY home grow it. There's no "must" about it.

I don't want investments, I want Canadians to control every step of the process so that the profits come right back to us and not in the pockets of some offshore multitrillion dollar conglomerate.

Perhaps an attempt to avoid retaliation, Canadian mining firms operate globally.

>Nutrien, Barrick, Cameco, Agnico

And Teck, First Quantum.....

In other words, China.

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And invest the proceeds in some kind of sovereign wealth fund that will outlive the natural resources it's based on. Something to ensure that mineral and other natural resource revenues are used to create long-term national wealth that is mandated to fund things like health care and education, and is insulated from other government spending.

Lol that’s a good way chase away foreign investment ….which Canada is the #3 location for…

Which contributes to 2.5 million jobs out of 15 million jobs…

Cutting off foreign direct investment would lead to about 2.5 million jobs out of 15 million jobs disappearing. The best way to end FDI is nationalizing something.

“My name is r/Rhannmah from the Alberta Oblast and i would love to end FDI into Canada”

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This isn't strategic in any way. This is the result of lobbying by the politically-connected Canadian mining companies, who are well-known for their bad behaviour on the international stage.

It will limit investment Id assume?

I'm pretty certain that's the entire point - to limit investment from potentially hostile foreign state-owned firms.

Yeah it’s not like it has anything to do with the boom and bust cycle of oil or opec manipulation. Gotta be Trudeau and I’m not even a fan.

Since all the money just leaves Canada anyway might as well.

And critical infra like power, gas and internet

And abuse

Do you think the critical mining industry will struggle to find investment?

Investors will be tumbling over eachother to get in on these things, and even if they aren't the strategic value of these resources is so great the government will happily fund it.

Power, gas and internet are all highly regulated and Canadian owned.

So the Big 3 ISP can continue to collude and gouge consumers?

>Canadian headquartered companies also have huge mines all around the world.

You could say mining companies are one of our national exports.

Finally. People could stake a claim online from anywhere in the world - so crazy.

Now they need to regulate all those Canadian-headquartered bandit mining companies.

Credit and manufacturing as well…… so many things skimming money from the population and creating insecurities.

Smart

The government can fund private companies you mean, or they will nationalize it?

A problem I see with it, and why private investment is currently low, is that there is too much regulation. It wipes out a huge amount of wildlife and destroys the environment, obviously. So would they then lessen regulation on themselves?

this restriction benefits corporations and not regular citizens so your request is denied

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Just award revocable mining rights with stipulations that give portions of the raw ore to the Canadian gov’t to build a reserve. And make the mining company build the storage facility.

We badly need municipal broadband. Too bad the mayor of the largest municipality is on payroll from the largest ISP, while mayor.

Also, global mining firms like to operate head offices in Canada and list on the TSX because it's better regulated and has higher investor confidence since the Bre-X gold scandal. Not sure how these restrictions might affect that.

Or course they will. A First Nation coworker has family that live near the cleanest source of nickel in the world, and they’ve had a very hard time getting it mined. It’s the cleanest source of nickel for EV batteries in the world so they finally got help from Elon Musk to get started. He often pays more for cleaner raw materials.

They did. Won’t change anything.

But Canada can Rape Mexicos mining towns.

(Yawn)

Must? Lol

Finally they do something to protect the massive resources they have

I wish the U.S. would kick out foreign interests from infrastructure.

Amen buddy

about time we start standing up to foreign corps from owning everything we have. Already own enough housing

Here in Quebec we kicked out the private electricity companies 60 years ago and now we enjoy the most affordable electric energy in the world, and we even export our surplus for profits. No jobs disappeared, on the contrary many jobs were created. I want that for every resource in this country.

There are A LOT of things we should follow Canada's lead on.

Why just foreign state owned? So it’s still free reign for other foreign billionaires and corporations to buy up the mineral rights and reap most of the benefits from our resources.... as long as the foreigner isn’t a country. Got it. This should solve everything. I wish we too had a massive sovereign wealth fund like some other resource rich countries that didn’t give away their wealth.

GOOD! It's about time.

Now do the same for our farmland.

China will likely respond to this and similar developments in other countries by investing more heavily in Africa and Western governments should consider facilitating or even subsidizing further operations there.

/u/MasterFubar is right though. Stripping private companies out of the supply chain is a horrible idea. Universally, state operated mines suffer substandard productivity, often have issues with supply of goods and materials as purchases get tied up in governmental controls and barriers and struggle to attract and hold foreign talent. That last point is so easily overlooked but can make the difference between a profitable operation and a failure.

You can decide to write off losses as the cost of maintaining control, but in practical terms you have just stripped significant revenue streams from your government through royalties and taxes.

Government permitting contracts may sometimes have clauses ensuring local supply regardless. You lose a lot and gain in practical terms nothing.

I thought they already did this in some parts of Canada. I remember reading something about Vancouver, BC passing a real estate ownership law not too long ago.

but then the china trolls on here will tell me that Canada would never do this... because China pays ... them ... money ...

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This just an issue of our sandbox being too big and not enough kids playing in it so we get other kids from other sandboxes to fill the space. If yall want canada owned mines, go up north and mine and start a mining corp. Otherwise raj from pakistan will do it for you.

And China has the only businesses in this space which is major international mining operations in western countries. See Iron ore in Australia.

Technically they don't own the resources. All companies whether they be local or outside pay rent on mining leases and pay royalties on the mined resource. They only own the product once the ore has been processed and the royalty has been paid.

Probably because canadian mining companies operate globally, and it could result in retaliation from the nations around the world, and the canadian mining lobby would probably hate that.

There will be more hoops to jump through making it less likely to happen.

That’s certainly a valid reason.

I wish our sell-out US politicians would take a lesson from Canada.

I think that was a vacancy tax do no one can speculate on real estate without at least having someone actually live there

The US generally is better at not allowing the selling off its assets to foreign powers. (I'm Canadian and used to work at a Dubai owned container port in Vancouver)

What would the alternative form of that be though? It seems like the best way they could have implemented it.

Agreed