MP's Should Have Say - Sale Of Noranda Inc

The party called on the minority Liberal government Tuesday to carefully review the proposed deal in the context of China's shabby human rights record, as well as the possible impact on Canadian workers. "(New Democrat MPs) have each heard directly from constituents and Canadians who have grave concerns about the sale of Noranda to China's Minmetals," said Brian Masse, the NDP industry critic. "A litany of questions must be addressed before the government proceeds with the approval of this foreign acquisition." Noranda, one of Canada's biggest and best-known mining firms, confirmed last month that it is in exclusive talks to be acquired by the metals producer China Minmetals Corp. The enterprise, controlled by the Chinese government, wants to buy 100 per cent of the Canadian company, which has a current stock-market value of about $6.7 billion. If completed, the takeover would be one of the biggest in Canadian mining history and the largest investment in Canada by a Chinese company. The proposed deal is under federal review, but New Democrats want that review be tightened up to include a focus on human and worker rights and with the full results reported to the House of Commons. The economic impact on the regions of Canada where Noranda now operates should be included in that review, the NDP adds. It also wants a subcommittee of the all-party Commons industry committee struck to conduct a broader review of foreign investment in Canada, increasing globalization and its effects on Canadians. The NDP is raising questions about the efficacy of reviews by Investment Canada, which New Democrats say has never rejected proposals brought forward by potential foreign investors. http://www.mytelus.com/news/article.do?pageID=news_home&articleID=1743020