Federal government needs to protect critical minerals industry as China tightens grasp, report says – by Jesse Snyder (National Post – June 21, 2021)

https://nationalpost.com/

Full Report: https://bit.ly/3qkvGSt

The study by the Commons natural resources committee details how Ottawa has failed to secure supply chains for the strategic minerals, which could have major consequences

OTTAWA — The federal government is due for a “wake-up call” on the need to protect Canada’s critical minerals industry, as China tightens its grip on supplies of rare earths and other crucial materials, a new Parliamentary report says.

The minerals, which include magnesium, lithium and cobalt, are used to make electric car batteries, mobile phone components, solar panels and guided missiles.

A study by the House of Commons natural resources committee, tabled last week, details how Ottawa has failed to secure supply chains for the strategic minerals — a shortcoming that could have major consequences as next-generation technologies take up a growing share of the global economy.

“This study should be a wake-up call for the federal government,” the report said. “It has been made abundantly clear that the overarching issue within this industry is the fact that the federal government has created a business environment where Canada will be unable to meet the growing global demand for critical minerals and, therefore, be reliant on other countries to meet our needs.”

Canada has yet to tap its immense mineral wealth, the report found, because of regulatory burdens and hesitancy among capital investors, among other roadblocks.

For the rest of this article: https://nationalpost.com/news/federal-government-needs-to-protect-critical-minerals-industry-as-china-tightens-grasp-report-says

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