Canada will fast-track critical minerals projects valued at C$6.4bn ($4.56bn) as part of the Critical Minerals Production Alliance, according to Energy and Natural Resources Minister Tim Hodgson.
The projects will be developed through 26 new investments and partnerships.
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The announcement regarding Canada’s critical minerals sector was made following the two-day Group of Seven (G7) meeting of energy and environment ministers in Toronto.
Hodgson stated that Canada, together with its G7 partners, will mobilise both public and private capital to accelerate the production of graphite, rare earth elements and scandium.
As part of the alliance, Canada has signed offtake agreements for scandium and graphite with Australian mining company Rio Tinto and Quebec-based Nouveau Monde Graphite.
Hodgson said: “Canada is moving quickly to secure the critical minerals that power our clean energy future, advanced manufacturing and national defence. Through the Critical Minerals Production Alliance and the G7 Critical Minerals Action Plan, we are mobilising capital, forging international partnerships and using every tool at our disposal to build resilient, sustainable and secure supply chains.
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By GlobalData“These investments are foundational to Canada’s sovereignty, competitiveness and leadership in the global economy.”
The alliance is designed to secure stable supplies of key minerals for G7 economies.
Minister of National Defence of Canada David J. McGuinty said: “These investments strengthen Canada’s contributions to NATO and reinforce our collective resilience. By taking action now, we are safeguarding Canada and our allies against supply chain vulnerabilities and reducing dependence on unreliable sources.
“As global demand for critical minerals accelerates, building secure, sustainable and resilient supply chains isn’t just sound economic policy – it is vital to our shared security and prosperity.”
Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada Gregor Robertson said: “Critical minerals power the technologies and clean energy systems that drive Canada’s future. Our investments in these projects reflect our commitment to innovation, economic growth and strong global partnerships – all essential to building the strongest economy in the G7.”
