Solaris Resources Plans To Exit Canada Entirely By January 1, 2025
Solaris Resources (TSX: SLS) has continued forward with its push to emigrate from Canada, with the copper developer this morning indicating that it will no longer be associated with Canada as of January 1, 2025.
The plan to emigrate includes a shake-up of the company’s board of directors and management teams, which is in an effort to remove all connections to Canada. As of January 1, all Canadian offices will be closed, while no individuals at the company or any of its subsidiaries will be employed or self-employed in country. Finally, no assets are to remain in Canada for Solaris, and no part of the operation is to be carried on within Canada.
As a result of the changes in an effort to emigrate, Matthew Rowlinson will take on the role of President and CEO as of January 1, from an office based in Switzerland. Rowlinson most recently served as the Head of Copper Business Development for Glencore. As part of his appointment, Rowlinson has agreed to partake in a $500,000 private placement for shares.
Rowlinson is expected to work with chief operating officer Javier Toro, who has built a technical team based in Lima, Peru. The new technical team is said to have been assembled from senior copper mining companies, and includes a project director, senior resource geologist, geotechnical manager, senior metallurgical engineer and mine planning engineers.
In terms of the board of directors, Rowlinson has been appointed to the board, along with Rodrigo Borja, a senior lawyer with decades of experience in Ecuador, and Hans Wick, whom most recently served as the managing director of a Swiss private bank.
“I am firmly committed to maximizing returns for shareholders and protecting the interests of stakeholders and this reorganization creates the strategic flexibility and alignment of interests with regulators to do so. I want to welcome Matt and the incoming directors to Solaris as we position ourselves for a pivotal year ahead,” commented Richard Warke, Executive Chairman of Solaris.
A spin-out transaction meanwhile is planned for the non-core assets of Solaris. The spin-out is set to include La Verde, Capricho, and Paco Orco, with the new entity to “form the foundation” of a growth oriented copper company. Further details on the spin-out are slated to be released in the new year.
The plan to exit Canada follows the Canadian government blocking a $130 million investment from China-backed Zijin Mining. The block relates to legislation that blocks transactions between domestic critical mineral projects and foreign state-owned enterprises. The problem, however, is that Solaris’ project, despite being a Canadian company, is located in Ecuador – which should be outside the area of concern for Canada.
Solaris Resources last traded at $3.38 on the TSX.
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