Canada has announced a stringent new policy regarding large mergers and acquisitions in its critical minerals sector. Industry Minister Francois-Philippe Champagne stated that such deals would only be approved under “the most exceptional circumstances,” emphasizing the strategic importance of 31 identified critical minerals, including copper, lithium, and nickel. This policy shift, revealed alongside the conditional approval of Glencore’s acquisition of Teck Resources’ steelmaking coal business, signals Canada’s intent to protect its strategic resources. The government will use the Investment Canada Act to assess the net benefit of these deals to the country, with a particularly high bar set for foreign investments in critical mineral producers, especially those involving copper mining companies.