#Canada needs CAD 65 billion mining investment to meet demand: study
Canada needs to increase investment in critical minerals by CAD 65 billion ($48 billion) to meet expected growth in both domestic and global demand, a new study finds.
According to the Canadian Climate Institute, the country should open more than 30 new mines of six priority minerals – copper, nickel, lithium, graphite, cobalt, and rare earth elements – between now and 2040. Upstream investment of CAD 30 billion would be enough to meet domestic demand, rising to CAD 65 billion to produce enough to export.
If mining output does not ramp up, Canada would miss out on a CAD 12 billion opportunity from domestic industry alone, researchers warn.
Yet, investor confidence in the critical minerals space has been wavering amid persistent price volatility, Kallanish writes. The Canadian Climate Institute argues that governments can help build certainty by sharing risks through targeted policies and programmes, such as equity investments, offtake agreements, or contracts for difference.
Note: Canada is a resource-rich country. Canada does not have to go to another continent for critical mineral. Canada needs investment and technology development (refining and recycling).
Bring the investment to Canada.
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