Apparent difference of opinion on critical minerals during U.S. president’s visit
When Justin Trudeau’s government announced plans to invest $3.8 billion to develop its critical minerals sector in the last budget, many in Canada’s mining sector believed the industry was finally going to get the attention it deserves amidst rising global demand for the minerals used to power electric vehicles.
Some had called the allocation by the federal government a “game changer,” while others described it as an “exceptionally positive” move for the industry.
A year on, however, the sentiment seems to have changed. Ottawa’s decision to clamp down on Chinese companies investing in Canadian miners due to security concerns and a perceived lack of support for companies running advanced mining projects have offset some of the enthusiasm about the global mining boom.
For instance, a number of industry leaders, including Barrick Gold Corp.’s Mark Bristow and Ivanhoe Mines Ltd.’s Robert Friedland, said earlier this year that Canada’s crackdown on Chinese investment would make it harder for miners to produce the metals needed to transition away from fossil fuels.
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