Good Morning!Gold is Canada’s new investment magnet as a number of foreign companies circle around the country’s mining assets and companies, drawn by a combination of strong regulatory environment, unrealized potential and prospects of higher commodity prices.Zijin Mining Group Co Ltd , one of China’s biggest gold miners, said this morning that it’s buying Canadian…


Good Morning!

Gold is Canada’s new investment magnet as a number of foreign companies circle around the country’s mining assets and companies, drawn by a combination of strong regulatory environment, unrealized potential and prospects of higher commodity prices.

Zijin Mining Group Co Ltd , one of China’s biggest gold miners, said this morning that it’s buying Canadian miner Continental Gold Inc. for $1.33 billion. The $5.50 per share price tag in cash for Continental, is a premium of about 13 per cent to the company’s closing price on Friday.

Last month, Australia’s Evolution Mining Ltd agreed to buy Canadian gold mining complex Red Lake from Newmont Goldcorp Corp for $375 million. Earlier this year, Australia’s St. Barbara Ltd. bought Vancouver’s Atlantic Gold Corp. for $722-million and Australia’s largest gold company Newcrest Mining Corp. spent S$806-million for a majority stake in Red Chris, a gold and copper mine by Imperial Metal Corp.

Collectively, Canadian industrial metals and mining sectors have attracted $20 billion from the Asia Pacific alone over the past 15 years, according to a new report by Asia Pacific Foundation. The region has emerged as a major investment source for Canada over the years, and has diversified away from oil and gas resources.

“Canada needs to continue to leverage its strengths and build stronger ties with the region in the future in order to improve market access and position itself as an important investor in and investment recipient from the diverse economies that make up the Asia Pacific,” the APF said in a recent report.

Here’s what you need to know this morning:

  • Continental Gold agrees to $1.3 billion takeover by one of China’s biggest gold miners
  • Canadian Premiers to meet, try to find consensus amid a host of issues
  • ‘Remarkable pioneer’ Mark Carney takes on new global role pushing finance to act on climate change
  • Husky Energy cuts capital spending by $500 million over next two years
  • TSX futures rise on higher oil prices
  • French-fry squeeze hits North America after poor potato harvest
  • Betting on a year-end Canadian stock rally? Traders beware
  • Roots names retail finance executive, Mona Kennedy, as CFO
  • Saudi Arabia wants OPEC+ to deepen oil cuts due to Aramco IPO
  • Trump revives Brazil, Argentina steel tariffs, swipes at Fed

  • Beware the ‘bezzle’: Three likely sources of illusory wealth in the markets today
  • Alimentation Couche-Tard’s mega $7.7-billion fuel station bid has investors filling up on stock
  • Inside Prince’s former Toronto home with the high-end real estate agent tasked with selling it
  • The real cost of charitable giving is lower than you might think, thanks to tax credits

  • Statistics Canada to release gross domestic product figures for September and the third quarter
  • Prime Minister Justin Trudeau Minister will meet with Mexico Undersecretary for North America, Jesus Seade in Ottawa
  • Ontario Power Generation, Nordion Inc., and Energy Minister Greg Rickfordmake an announcement regarding medical isotopes in Courtise, Ont.
  • United Conservative Party annual general meeting in Calgary
  • Bennett Jones Business Forum at Lake Louise, Alta.
  • Metro Vancouver youth climate strikers hold “FutureFest” to demonstrate alternatives to consumerism through actions such as a mall flash mob, community clothing swap and street activities

Canada’s economy is deeply flawed, but it appears to have at least one characteristic that will keep it in the big leagues: resiliency, writes Kevin Carmichael.

“Gross domestic product grew at an annual rate of 1.3 per cent in the third quarter, Statistics Canada reported on Friday. That should mute the recession talk, while at the same time bolstering the arguments of those who say Canada needs to work on its competitiveness,” Carmichael wrote. “The Bank of Canada reckons the economy can run at an annualized pace of about 1.7 per cent without overheating, so clearly there’s some work to do.” Read the full story here.

 

— Please send your news, comments and stories to yhussain@postmedia.com. — Yadullah Hussain @yad_Fpenergy

With files from The Canadian Press, Thomson Reuters and Bloomberg

 

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