{"id":31716,"date":"2023-04-14T15:15:09","date_gmt":"2023-04-14T14:15:09","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=31716"},"modified":"2024-01-19T15:57:57","modified_gmt":"2024-01-19T15:57:57","slug":"canada-is-ready-to-become-a-huge-provider-of-critical-minerals","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/canada-is-ready-to-become-a-huge-provider-of-critical-minerals\/31716\/","title":{"rendered":"Canada is ready to become a huge provider of critical minerals"},"content":{"rendered":"

According to the Minister of the Environment and Climate Change, Canada is prepared to become a reliable provider of critical minerals to its international allies, including Japan.<\/h2>\n

Deemed essential by the G7 countries, critical minerals are needed to meet climate goals and energy security targets.<\/p>\n

Now, Canada has signed a joint action plan with the US in order to secure supply chains for these essential commodities. The country also has similar agreements in place with Japan and the European Union.<\/p>\n

The growing need for critical minerals<\/h3>\n

Speaking in Japan, where he will take part in a G7 ministerial meeting on climate change, Steven Guilbeault, Canada\u2019s Minister of the Environment and Climate Change, said: \u201cWe view this resource as being very strategic, not only from an economic point of view but also from a security point of view.\u201d<\/p>\n

\"Critical
\u00a9 shutterstock\/Sunshine Seeds<\/figcaption><\/figure>\n

The meeting, which is part of Japan\u2019s G7 presidency this year, will take place from 15-16 April in Sopparo. It is set to discuss the growing importance of critical minerals for the clean energy transition<\/a>. Moreover, it will be stressed that economic and security risks caused by vulnerable supply chains and monopolisation must be prevented while making this transition.<\/p>\n

Ensuring economic security<\/h3>\n

The market for critical minerals, which are used to make the electric vehicle batteries that are central to developed nations\u2019 goals of decarbonising, is dominated by China. Russia is also a major player in this sector; however, the country\u2019s invasion of Ukraine last year could provide major security risks.<\/p>\n

Last year, Canada requested three Chinese-based companies to sell their stakes<\/a> in Toronto-listed lithium explorers following a national security review. Guilbeault stated that this was for \u201cstrategic security reasons.\u201d<\/p>\n

The three companies ordered to divest their investments are Sinomine (Hong Kong) Rare Metals Resources Co Ltd, Chengze Lithium International Ltd, also based in Hong Kong, and Zangge Mining Investment (Chengdu) Co Ltd.<\/p>\n

The Canadian government ordered the divestiture after \u2018rigorous scrutiny\u2019 of foreign firms by Canada’s national security and intelligence community, Industry Minister Francois-Philippe Champagne said in a statement.<\/p>\n

He added: \u201cWhile Canada continues to welcome foreign direct investment, we will act decisively when investments threaten our national security and our critical minerals supply chains, both at home and abroad.\u201d<\/p>\n

Guilbeault concluded: \u201cWe have a lot of those critical minerals, we have almost all of them in Canada with a few exceptions. For example, we can become a reliable provider of these resources or products for our international allies like Japan.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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