Stronger private investment crucial, says U.S. Ambassador to Canada
Teck Resources Ltd. chief executive Jonathan Price is sounding the alarm over China’s control of the critical minerals sector, warning that North America needs to invest more to catch up.
“China controls in the range of 40 to over 90 per cent of global processing capacity for many critical minerals, from copper to cobalt,” Price said during an event hosted by the Business Council of Canada and the American Chamber of Commerce in Canada in Ottawa Thursday. “With the increasing necessity of metals, it is clear that diversifying supply chains is now critical to both our economy and national security.”
The federal government estimates Canada is host to 34 critical minerals and metals, including copper, nickel, cobalt and lithium. These minerals are used in a wide variety of products including cellphones, clean energy and defence technologies. Demand for them has only increased in recent years.
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