Jinteng Mining Challenges Canada’s National Security Review of Peru Gold Mine Acquisition
Jinteng Mining, a subsidiary of China’s Zijin Mining Group, has filed for a judicial review against the Canadian government’s decision regarding its acquisition of a gold mine in Peru.
The move comes after Jinteng purchased Pan American Silver’s gold asset in Peru for $245 million in May, with an option for an additional $50 million payment.
The challenge is directed at Canadian Minister François-Philippe Champagne’s order for a national security review of the deal, as reported by the Canadian Press.
The judicial review was filed in late July in the Federal Court of Canada under section 18.1 of the Federal Courts Act, naming the Attorney General of Canada and the Minister of Innovation, Science, and Industry as respondents. Jinteng is represented by the law firm Gowling WLG.
The review could set a precedent for how Canadian companies handle deals involving Chinese investments, particularly in the context of Canada’s stringent stance on Chinese state-owned investments in critical minerals.
Since 2022, Canada has required Chinese investors in Canadian graphite, lithium, and copper companies to divest their holdings due to national security concerns, despite these assets being located outside Canada.
The Canadian government has classified 31 minerals, including copper, lithium, and nickel, as critical for strategic uses in modern technology and the energy transition.
While gold is not considered a critical mineral, the government’s scrutiny over large mergers and acquisitions in the mining sector remains high, with approvals granted only under exceptional circumstances.
