- Volkswagen AG (OTC:VWAGY) is planning to enter the mining business in Canada, Reuters reported, citing Handelsblatt daily.
- The move will ensure the automaker’s raw material supply for battery production.
- “We are not opening any mines of our own, but we want to acquire stakes in Canadian mines and mine operators,” the report quoted Thomas Schmall.
- A memorandum of understanding (MoU) is expected between Volkswagen and the government of Canada.
- Price Action: VWAGY shares closed lower by 7.12% at $17.99 on Monday.
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