...critical minerals now considered as national security, so...

...critical minerals now considered as national security, so takeover premiums no more.

...PMT comes to mind as it was touted as a possible takeover prospect before.
Canada moves to protect its mining sector

Bloomberg

Canada is making it harder for foreign firms to acquire domestic mining companies by imposing measures that could protect top takeover targets from large global rivals.

The Canadian government will only approve foreign takeovers of Canadian mining companies “in the most exceptional of circumstances”, according to the latest guidelines from Industry Minister Francois-Philippe Champagne.

The directive issued on Thursday (Friday AEST) is part of a sweeping effort by Prime Minister Justin Trudeau’s government to protect Canada’s critical minerals sector and national security interests.

The move appears to insulate domestic companies from takeovers when the world’s biggest mining firms are hunting for metals that underpin the global transition away from fossil fuels. Industry giants such as Glencore, BHP Group and Rio Tinto have all sought to boost exposure to metals like copper through major, transformational acquisitions.

Canadian mining firms, in turn, have become appealing targets. Teck Resources spent much of last year fending off Glencore’s $US23 billion takeover attempt before the Swiss company opted instead to just buy the company’s steelmaking coal business. The federal government approved the $US6.9 billion deal on Thursday, while also setting new criteria for future foreign mining deals.

“This high bar is reflective of the strategic importance of Canada’s critical minerals sector and how important it is that we take decisive action to protect it,” Champagne said in a statement.

Foreign takeovers of mining companies have been a touchy topic in Canada ever since a wave of deals 18 years ago took out some of the country’s biggest players, including nickel miner Inco and aluminum producer Alcan.

When BHP proposed a takeover of Potash Corp. of Saskatchewan in 2010, then-Prime Minister Stephen Harper’s government blocked the deal on the grounds it wouldn’t be of “net benefit” to the country.

Teck is one of the few large Canadian metals producers that survived a wave of industry takeovers, even though it has long been coveted by foreign competitors for its copper and zinc assets spread across the Americas. The Vancouver-based company is widely expected to become an acquisition target when founder and top investor Norman Keevil gives up control of the company in the coming years.