Solaris Resources eyes Canada exit after failing to land China deal

Vancouver-based copper miner Solaris Resources Inc. is relocating its headquarters to Ecuador’s capital, months after scrapping a financing deal with a Chinese investor due to a lengthy Canadian review process.

Solaris Resources is transitioning its head office to Quito, the Canadian company said Monday in a statement. The firm said it continues to evaluate further steps to complete a greater transition to Ecuador, where it’s seeking to advance its flagship copper project.

The move comes after Solaris Resources abruptly called off plans to sell a 15% stake to Zijin Mining Group for $130 million in May due to a lengthy regulatory review from Canada’s federal government. Canada has sought to curb foreign state-owned investment in its natural resources sector. The deal would have given Zijin a seat on Solaris’ board of directors.

“The company does not currently anticipate that any such further steps will pose adverse tax consequences for the company or require a change of stock exchange listings,” Solaris Resources said in its statement.

(By Jacob Lorinc)