Communist Chinese company buys 60% stake in Canadian lithium mines
Counter Signal: 'As part of the larger deal, Yahua has also acquired 13.2 per cent of the Vancouver-based Ultra Lithium company.
'“We want to closely work with the local communities to develop the Georgia Lake / Forgan Lake properties with financial backing of a large lithium producer in the world. Now that Yahua’s acquisition of a 60% interest in the Northern Ontario Properties has been completed Yahua will invest $3 million into the JV Co. for exploration expenditures. The Company looks forward to embarking on its spring/summer 2022 exploration program,” Ultra Lithium CEO Weiguo Lang stated.
'According to the Epoch Times, the joint venture will build a lithium concentrate mining and processing plant capable of producing 200,000 tons of lithium oxide per year for at least 10 years.
'This isn’t the only stake in a Canadian lithium producer that a Chinese-state-owned company has bought, though. Earlier this year, Zijin Mining Group Co. acquired the Toronto-based Neo Lithium Corporation.'