Bill C-489 (Historical)

Inco Limited Acquisition Act

An Act respecting the acquisition of Inco Limited by CVRD Canada Inc.

This enactment requires the Government of Canada to publish in the Canada Gazette
(a) all written undertakings given to Her Majesty in right of Canada under the Investment Canada Act in respect of the acquisition of Inco Limited by CVRD Canada Inc. in 2006; and
(b) all demands made by the Minister of Industry in respect of those undertakings.

Investment Canada Act

[Claude Gravelle, NDP, Nickel Belt, ON]

Mr. Speaker, I have a petition signed by dozens of people from the riding of Nickel Belt.

The petition states that when Canadian-owned Inco was acquired by Vale S.A. in 2006, the company made undertakings to the Government of Canada. When Canadian-owned Falconbridge was acquired by Xstrata, it also committed to undertakings with the Government of Canada. Industry Canada, Vale S.A. and Xstrata have refused to make these specific undertakings public.

Therefore, the petitioners request that the Minister of Industry and the House of Commons amend section 36 of the Investment Canada Act in order to make the details of undertakings made by foreign companies during Canadian acquisitions public. They further request that the Minister of Industry make the undertakings made during the acquisition of Inco and Falconbridge public. They support Bill C-488, Bill C-489 and Bill C-490.

Foreign Takeovers

[Claude Gravelle, NDP, Nickel Belt, ON]

Mr. Speaker, I too have petitions from dozens and dozens of citizens from Nickel Belt who are concerned about what is happening in my community. They are presently being held hostage by a company called Vale Inco, a company that was allowed by the government to purchase our natural resources, resources that belong to Canadians. This company has tried to bring a third world mentality to Canada.

The petitioners request that the Minister of Industry and the House of Commons amend section 36 of the Investment Canada Act in order to make details of undertakings made by foreign companies during trial acquisitions public.

They further request that the Minister of Industry make the undertakings made during the acquisition of Inco and Falconbridge public. They support Bill C-488, Bill C-489 and Bill C-490.

Foreign Investment

[Claude Gravelle, NDP, Nickel Belt, ON]

Mr. Speaker, it is my pleasure to rise today to present this petition from dozens of constituents. The petitioners request the Minister of Industry and the House of Commons to amend section 36 of the Investment Canada Act, in order to make public the details of undertakings made by foreign companies during Canadian acquisitions. They further request that the Minister of Industry make public the undertakings made during the acquisition of Inco and Falconbridge. They support Bill C-488, Bill C-489 and Bill C-490.

A couple of companies in my riding have been taken over by a foreign company, Vale from Brazil. It has been a net drain on my community. These petitioners want this to stop in the future.

Inco Limited Acquisition Act

[Claude Gravelle, NDP, Nickel Belt, ON]

moved for leave to introduce Bill C-489, An Act respecting the acquisition of Inco Limited by CVRD Canada Inc.

Mr. Speaker, I am pleased to introduce in the House a private member's bill, an act respecting the acquisition of Inco Limited by CVRD Canada Inc. Vale, formerly CVRD, acquired Canada-owned mining company Inco in October 2006. At that time, the company made a commitment to Industry Canada to not lay off any of its Canadian workers for a period of three years.

Despite this commitment, Vale Inco has made a series of layoff announcements this year. I have made requests to have these undertakings made public by the Minister of Industry, Vale Inco and the House of Commons and through the Access to Information Act and have repeatedly been denied.

I therefore present this legislation, which would release the details of the Vale Inco agreement along with any correspondence between the minister and the company and its enforcement.

(Motions deemed adopted, bill read the first time and printed)