Canadian resource companies investing abroad at record levels
Canadian resource companies are choosing to invest abroad at record levels, amid waning global interest in the nation’s energy and mining assets.
Statistics Canada reported Thursday that Canadian-based energy and mining companies invested a net C$15.5 billion ($11.5 billion) outside of the country in the first three months of 2019. The exodus of Canadian capital from the sector in the quarter was almost double the previous quarterly record.
It’s a bad sign for industries already struggling to attract capital. The data suggest that Canadian-based resource companies — who have refrained from large foreign investments in recent years — may now be seeking alternatives outside of Canada.
Investment into Canada’s energy and mining sector from abroad was just C$123 million in the first quarter of 2019, bringing the sum of the last four quarters to C$2.8 billion.
Foreign direct investment into Canadian resource companies has essentially collapsed since oil prices began dropping at the end of 2014. Before that period investment from abroad peaked in 2013 at C$22 billion that year.
For all industries, foreign direct investment in the first quarter fell to C$12.9 billion from C$17.6 billion in the final three months of 2018.
Manufacturing was an outlier, with that sector showing a sharp increase in investment from abroad last quarter.
source: MINING.COM
Top News
Australia’s CEFC invests $75m in homegrown critical minerals
Glencore in talks to sell Philippine copper smelting unit
BHP seeks Brazil growth to emerge from shadow of mining disaster
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Iron ore posts weekly gain as investors assess fresh Beijing stimulus
India’s record gold import said to be due to calculation error
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Skeena advances Eskay Creek permitting, unlocks Orion funding
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Skeena advances Eskay Creek permitting, unlocks Orion funding
