Natural Resources | Ottawa wants to simplify the exploitation of rare minerals

(Ottawa) Canada wants to accelerate its production of rare minerals by notably simplifying access for mining companies to these resources with a view to becoming a “global green supplier of choice”, according to a new strategy unveiled on Friday.


“These minerals represent for Canada the opportunity of a generation”, writes Jonathan Wilkinson, Minister of Natural Resources, in the preamble to the strategy, underlining the Canadian versatility in this field which goes from “exploration” to “recycling”. of these resources.

The 61-page document specifies in particular that the country is home to vast untapped deposits of so-called “critical” minerals such as lithium, graphite, nickel, cobalt and copper.

But under current conditions, it takes 5 to 25 years for new mines to be approved and operational, the document says, however, acknowledging the presence of “complex regulatory and permitting processes” that can hamper the “economic competitiveness of the country”. sector” and curb investments.

The government therefore plans to streamline this process, including eliminating duplication of review at the federal and provincial levels and ensuring prior consultation and engagement with Indigenous peoples.

“There is no energy transition without critical minerals”, indicates for his part the Minister of Innovation, François-Philippe Champagne, stressing that they are “essential to our daily life […] in particular for the production of wind turbines, batteries for electric vehicles, solar panels and semiconductors”.

With global demand set to soar and China controlling much of the existing supply, the minister believes “Canada is very well positioned to take advantage of it” as the United States and its allies increasingly seek to emancipate itself from the Chinese monopoly.

Ottawa hopes in particular to harmonize “regulations with [ses] American partners,” the document reads without further details.

He also mentions the need for new infrastructures such as roads and ports in order to access and exploit deposits.

The new strategy comes with no new funding, but in its 2022 budget, the federal government earmarked $3.8 billion over eight years for the sector – including a 30% tax credit to boost exploration.

At the end of October, Ottawa had already tightened its investment rules to make it more difficult for foreign state companies to access its essential minerals sector, in response to an outcry against Chinese investment.

He also recently ordered three Chinese companies to sell their stakes in Canadian companies in the sector.


source site-55