Thank you, Mr. Chair. I appreciate the comments that all members are bringing forward.
Just on the point of whether or not this transaction was reviewed, I want to share with the committee the baseline information. A spokesperson from the federal ministry of Innovation, Science and Economic Development—and this was also published in the Globe, so it's public knowledge—wrote, “Investments in critical minerals are systematically and thoroughly scrutinized by the Investment Review Division [of the department] in concert with the responsible government departments and Canada's security and intelligence community,” and through consultations with foreign allies, wherever appropriate.
She added that every foreign takeover of a Canadian firm is reviewed on its merits. She said that considerations can include such factors as the nature of the mineral deposits involved, since some forms of critical minerals are of greater or lesser strategic value to Canada; the ability of Canadian supply chains to exploit the asset; and the nature of the Canadian business and whether it has operations in Canada or, for example, is principally domiciled here for regulatory or other reasons with few, if any, local staff or assets.
As I mentioned before and as has now become common knowledge about Neo Lithium, it only had this very tenuous toehold in Canada to participate in the TSX in hopes of raising funding for their increasingly dubious-appearing operation in Argentina.
I just want to reveal the fact that this has been reviewed. We shouldn't repeat the mythology that no review was undertaken. It was indeed reviewed.
On the question that Ms. Gray raised regarding carbonate versus hydroxide, I could probably make a passable hat using my socks, but I'd much rather wear a hat. The process involved with....
I'll just read this:
As it turns out, lithium hydroxide...is better suited in the production of the batteries...when compared to its alternative, lithium carbonate. Although lithium carbonate can be converted into lithium hydroxide, it comes at an additional cost and additional steps.
As I understand it, there are additional significant environmental implications as well, which, of course, undermine the whole point of switching to batteries at all. Let's not shift course from the understanding that the minerals in this mine are not of strategic relevance to Canada, Canadian industry or security. I think we can take that as truth for now.
I agree with my colleague Mr. Erskine-Smith. I want to get back to work here. I want to get back to work quickly. We have a subcommittee meeting scheduled for next week. That is going to help organize our work flow. We have a number of motions already tabled that are important, relevant studies. I don't think there's anybody on this committee who doesn't want to be productive, and we all want to support each other.
I must say the tone of December was fabulous. It was collaborative and constructive. I'm afraid what's happened now is that this hasty position taken on Neo Lithium, which we have now given lie to, is tending to mitigate the constructive tone of our committee. I very much would love for us all to get back to that, to let the subcommittee do its work and to get some studies in the pipeline.
Thank you.