Jolie says that Tech, Anglo’s CEO is in national interest to convince his merger.
Industry Minister Meleni Jolie says that Ottawa would like to see long -term commitments to Canada before Tech Resource Limited in Vancouver.
Jolie said, “There have been talks with companies, and clearly we wanted to ensure that there would be a net profit for Canada. But I think it’s not enough right now,” Jolie said she was leading in a cabinet meeting on Tuesday.
The merger, he said, “Our national security including economic security should be according to concerns and objectives.”
Announcing the deal last week, the companies said the combination would create a $ 70 billion copper mining powerhouse with the headquarters and top officials located in Vancouver. They pitched it as a “equal merger”, even though the Anglo is worth more than the American double tech.
The deal is subject to review under the Canada Act, which can be used to block deals understood against national interest, including Canada’s economic security.
Jolie said that further interaction is required and she is planning to talk to the CEOs of both companies next week.
While short -term matters, he said, “We need to think about long periods and how can we ensure that we eventually create employment, but we have a strong headquarters, not only now but also for the next decade.”
The company promises to go to Vancouver
Despite the promise of the Vancouver Headquarters, Anglo will be involved in Tech London, serving as Jonathan Price Deputy CEO of Tech, while Anglo American Chief Executive Officer Duncan Wanbad will upheld the top spot.
Tech and Anglo American have performed around $ 4.5 billion in spending in Canada in five years as part of the deal. However, an important part of that has already been declared by Tech, including its Highland Valley Copper Mine’s mine expansion.
Construction on that $ 2.4 billion project, which began last week, in the southwest of Kamalups, BC.
The Northwest BC also costs up to $ 750 million to spend for the so -called golden triangle, where Techlor participates for both Creek and Shaft Creek projects. In 2007, Tech stopped the development of Galore Creek Mine due to rising capital cost and development deadline, and it still has not seen production.
Promises spent include up to $ 750 million for the trail smelter for an initiative of a strategic metals, which may see that it refines copper in existing lead and zinc production.
Also, companies have promised at least $ 300 million in important mineral exploration and technology in Canada.
Tech spokesperson Dale Stevs said in an email statement, “This merger of equal will be the Canadian-based global important mineral champion, with a significant economic, social and strategic advantage for Canada,” Tech spokesman Dale Stevs said in an email statement.
“We are ready to join the Canadian government through this opportunity (investment Canada Act) process to strengthen the important mineral sector of Canada.”
