Canada deploys $2.6bn to accelerate critical minerals

CANADA will deploy around C$3.5bn ($2.6bn) in investments and programmes to accelerate the development of critical minerals deposits, as the country seeks to position itself as a reliable alternative to China for materials vital to advanced manufacturing and the digital economy, said Bloomberg News.Energy Minister Tim Hodgson on Tuesday formally launched the C$1.5bn First and Last Mile Fund, designed to finance roads, transmission lines and other infrastructure needed to bring remote mineral deposits into production. The C$2bn Critical Minerals Sovereign Fund, which will allow the federal government to take equity stakes, offer loan guarantees and secure supply agreements, will begin operating in the coming months, said the newswire.Among the investments announced was C$44m for upgrades to the Northwest Transmission Line in northern British Columbia to help power Newmont’s Red Chris copper mine expansion, and C$50m to improve BC Hydro’s transmission system serving Teck Resources’ copper operations. The two projects form part of C$165m in spending aimed at speeding up mine planning, development and processing capacity, said Bloomberg.Hodgson also introduced an online tool to help companies navigate Canada’s complex federal permitting and approvals process, one of several obstacles — alongside remote deposits, lengthy environmental assessments and Indigenous consultation requirements — that have slowed the country’s ability to compete globally for mining capital.Ontario separately announced the addition of aluminium and high-purity iron to its critical minerals list, expanding it to 35 materials.The move will give projects involving those metals access to provincial government programmes and initiatives, said Bloomberg News in its coverage of the announcement. High-purity iron supports the shift to electric arc furnace steelmaking in Ontario’s steel mills, while aluminium is integral to the province’s automotive, aerospace and defence sectors.Ontario Energy and Mines Minister Stephen Lecce said the government would update its critical minerals strategy, citing escalating geopolitical tensions, supply chain disruptions and rising trade protectionism as factors demanding a more focused response to reducing foreign dominance in the sector.The post Canada deploys $2.6bn to accelerate critical minerals appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com