Canada to Speed Up Critical Minerals Permits in Bid to Erode China’s Dominance – by Jacob Lorinc and Brian Platt (Bloomberg News – July 2023)

(Bloomberg) — Prime Minister Justin Trudeau’s government hopes to unveil a plan by the end of this year to streamline permitting for mining projects as the US and its allies push to accelerate the production of critical minerals in North America.

Canada faces mounting pressure to keep pace with its southern neighbor as the US ramps up efforts to secure the metals needed for electric vehicles, solar panels and wind turbines. American lawmakers have been debating legislation that could substantially speed up approval times for resource projects.

While Canada is home to significant deposits of key minerals, it can take anywhere between five and 25 years to develop them into a mine. This timeline poses a significant challenge to Canada’s dreams of becoming a key player in the US-led drive to topple China’s dominance in the sector.

US negotiations to introduce permitting reform legislation make it all the more urgent for Canada to accelerate mine building timelines, said Heather Exner-Pirot, special adviser with the Business Council of Canada.

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