Mining companies seeking to accelerate exploration of scarce critical minerals are set to lead capital raisings in Canada this year, the chief executive officer of the Toronto Stock Exchange said on Monday, as sectors such as technology take a back seat amid market volatility.
A big source of capital for the critical minerals sector this year is coming from large corporations like BHP Ltd and Rio Tinto, which are throwing their weight behind junior miners to help expedite exploration projects.
Junior miners are encouraged by the Canadian government’s plan, announced in this year’s budget, to allocate C$4 billion ($3.1 billion) to critical minerals.
“I do think we are going to see a bit of a renaissance in mining that we haven’t seen in years, just given what’s happening with global demand, supply,” Toronto Stock Exchange CEO Loui Anastasopoulos told Reuters, pointing to the focus on investments in critical minerals.
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