Solaris Resources falls as it scraps plans to sell minority stake

Solaris Resources

21/05/2024 17:39

** Shares of Canadian miner Solaris Resources  SLS.TO  fall
1.8% to C$5.33
    ** Company scraps plans to sell minority stake to China's
Zijin Mining Group  601899.SS  
    ** Co fears the deal was unlikely to meet Canada's stringent
foreign-investment standards in a timely manner
    ** "That this transaction cannot be completed in a
reasonable time frame signals that Canada's critical minerals
policy is counterproductive in relation to foreign assets" - CEO
Daniel Earle
    ** SLS had announced plans to sell a 15% stake in the
company to Zijin for C$130 mln earlier this year
    ** Including sessions' moves, stock is up 29% YTD

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))