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sweet1william t1_iucoaeu wrote

Smart of them to do that.

205

STOP_CHINA t1_iufmeo9 wrote

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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Hamstmotional t1_iuda0a1 wrote

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

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[deleted] t1_iudpqqc wrote

[removed]

−5

Perfect_Opposite2113 t1_iudu4za wrote

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.

1

kittywrastler t1_iudstpq wrote

It will limit investment Id assume?

−34

circ_le_jerk_69 t1_iudtiux wrote

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

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RalphNLD t1_iudxh4v wrote

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.

10

shashinqua t1_iueeu6l wrote

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.

3

kittywrastler t1_iue3ggf wrote

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?

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sigmatrophic t1_iud7ucw wrote

Now do our real estate

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erikwarm t1_iudv00v wrote

And critical infra like power, gas and internet

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Lolwut100494 t1_iudy3ft wrote

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

17

GoodAndHardWorking t1_iue9x67 wrote

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

17

Constant-Ad-1797 t1_iue1kvw wrote

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

4

anon675454 t1_iue5ohz wrote

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

5

DigitalArbitrage t1_iuf66z5 wrote

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.

1

ProfessionalDoubt627 t1_iugo2sy wrote

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

1

DigitalArbitrage t1_iuhoh1h wrote

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

1

shiver-yer-timbers t1_iucr5wt wrote

Ban it outright...

Foreign investment ? sure

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

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MasterFubar t1_iud0ud3 wrote

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.

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ss3423 t1_iud3gur wrote

They literally have gold corp.

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WestEst101 t1_iud7e1d wrote

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

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BlishBlash t1_iud6rle wrote

"they must allow"

They should just nationalize it.

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MasterFubar t1_iud7zlq wrote

> They should just nationalize it.

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

−17

Rhannmah t1_iudg5tq wrote

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.

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burner_ob t1_iudnwzc wrote

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.

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tickleMyBigPoop t1_iudp1x1 wrote

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”

−4

Rhannmah t1_iuetd12 wrote

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.

3

zenzukai t1_iud7321 wrote

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.

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bertoshea t1_iudhxui wrote

>Nutrien, Barrick, Cameco, Agnico

And Teck, First Quantum.....

7

ChrisFromIT t1_iudygzn wrote

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

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

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HelixFish t1_iud9s2f wrote

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

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shiver-yer-timbers t1_iud74qn wrote

foreign government ownership is foreign ownership....

4

no_comment_mister t1_iufznpa wrote

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

1

MasterFubar t1_iud8g9u wrote

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

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shiver-yer-timbers t1_iud8xfv wrote

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.

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no_comment_mister t1_iug05hp wrote

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.

1

tickleMyBigPoop t1_iudokbs wrote

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…

−1

MasterFubar t1_iuda1y5 wrote

> 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.

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shiver-yer-timbers t1_iudacfv wrote

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

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MasterFubar t1_iudbbwd wrote

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.

−2

shiver-yer-timbers t1_iudcmnz wrote

Now you're being asinine.

2

Spida81 t1_iuf42pi wrote

/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.

1

ramriot t1_iud6lts wrote

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

3

brainwashlol t1_iudardw wrote

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

1

Sam-buca_I_Am t1_iuddvpq wrote

> 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.

1

CAM6913 t1_iudbx4c wrote

The US should do this too

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leidend22 t1_iuh6vbm wrote

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)

1

Zuutron t1_iud62s8 wrote

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

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Da_Vader t1_iuckefm wrote

There will be shell companies to circumvent.

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DayOfDingus t1_iug5bzh wrote

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

1

ciunnc t1_iudaefz wrote

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

9

Embe007 t1_iue0xa4 wrote

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.

9

jha999 t1_iucuj8c wrote

This is the way

8

BlishBlash t1_iud6ome wrote

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

6

TomatoCrush t1_iudhcoq wrote

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

8

GoodAndHardWorking t1_iuea7ll wrote

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.

3

BTWImChloe t1_iuda0ky wrote

Also makes it very easy to circumvent with a shell company

Guess this is more for show

6

J4pes t1_iuer80v wrote

Finally they do something to protect the massive resources they have

5

Miss_Direction_Jr t1_iuesd1y wrote

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

3

gianni_ t1_iuesxkt wrote

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

3

dopefish2112 t1_iue8wl5 wrote

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.

2

kilroy211 t1_iug9rgt wrote

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

2

pistoljefe t1_iueo2fr wrote

But Canada can Rape Mexicos mining towns.

1

IBuildBusinesses t1_iuew5n9 wrote

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.

1

MoscaMosquete t1_iug44o1 wrote

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.

3

ToxinFoxen t1_iuex7xt wrote

GOOD! It's about time.

1

Cloudboy9001 t1_iuf1b96 wrote

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.

1

Fallout49 t1_iufw2mc wrote

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.

0

sw04ca t1_iudqqmz wrote

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.

−5

Teamnoq t1_iuddad5 wrote

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

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