US EditionG7 Invests $6.4B in Canada Critical Minerals
- 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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148 Articles
»The main countries of the West, the G7, are increasingly being cornered by China, Russia and countries of the global South.«
Canada unveils C$6.4 bn critical minerals plan with G7 allies to counter China’s dominance
Canada unveils a C$6.4 billion critical minerals plan with G7 allies, launching stockpiling and investment deals to counter China’s dominance in rare earths and secure Western supply chains for energy and defence.
Canada commits to stockpile critical minerals as a national security priority
Canada is officially designating certain critical minerals as a national security priority under the Defence Production Act, a move that would allow the federal government to support the mining industry by guaranteeing them a buyer and a minimum price.
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.
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