US EditionCanada announces first investments under G7 pact, aims to stockpile critical minerals
Canada leads with 25 G7 investments including mines and processing facilities to reduce reliance on China, which controls 91% of global rare earth refining, officials said.
- On Friday, Canada announced the first 25 investments under the G7 Critical Minerals Production Alliance at the closing of the Group of Seven energy ministers meeting in Toronto.
- China's dominance in refining has left G7 ministers pressing for diversified supply chains after Beijing's export controls pushed urgency in recent months, with China accounting for 91 per cent of rare earth elements refining.
- The package includes stockpiling, purchase agreements, equity deals, and price floors, backing Northern Graphite, Nouveau Monde Graphite, Vianode, and federal financing for Ucore Rare Metals, Rio Tinto, and Export Development Canada projects.
- Tim Hodgson, Minister of Energy and Natural Resources, said the G7 investments will safeguard Canada's security and sovereignty, sending a clear message that `We are serious about reducing market concentration and dependencies` and strengthening NATO and Canadian defence industries.
- Demand projections show minerals for decarbonization will spike in the coming years, with a Canadian Climate Institute report estimating $30 billion in investments needed by 2040, following a $13 billion Australia-US pipeline.
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90 Articles
Canada Unveils 26 Critical Minerals Initiatives as Part of G7 Effort to Counter China’s Dominance
Canada has announced the first round of 26 new investments, partnerships, and measures as part of a G7 critical minerals alliance to counter China’s current global dominance in the sector. Energy Minister Tim Hodgson said $6.4 billion in investments in Canadian projects is a significant step forward in creating a resilient G7 supply chain for critical minerals that will be less reliant on China and protect member nations’ national security inter…
Canada announces first G7 critical minerals investments, plans stockpile
Canada announced on Friday the first round of projects under a G7 critical minerals production alliance envisioned as a counterweight to China's dominance in the sector. The 25 initiatives include purchase agreements for a Quebec graphite mine and investments to scale up a rare earth elements refinery in Ontario.
InsideNoVA.com
G7 says it's 'serious' about confronting China's critical mineral dominance
The G7 announced two dozen new projects Friday aimed at reducing China's dominance of critical mineral supply chains, as Canada's energy minister vowed the alliance was "serious" about reforming the global market.
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