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Critical Minerals Strategy to streamline permitting, build remote infrastructure POLICY
| Natural Resources minister endorses ‘one project, one assessment’ principle
Glencore and MMG copper mines ride out unrest as Peru promises early polls ESG
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BY BLAIR MCBRIDE
he federal government unveiled on Dec. 8 the details of its Critical Minerals Strategy, a plan first introduced in the April budget that earmarks almost $3.8 billion over eight years to further develop Canada’s place in the global critical minerals industry. A significant portion of the total funding — $1.5 billion — is allocated over seven years for constructing infrastructure for critical minerals projects in remote areas, such as the Ring of Fire in northern Ontario. And $40 million is set aside to support northern regulatory processes in reviewing and permitting projects. Officially announced in Vancouver by Natural Resources Minister Jonathan Wilkinson, the 52-page document outlines the government’s plan for Canada “to become a global supplier of choice for critical minerals” and the digital technologies they enable. “There is no energy transition without critical minerals,” Wilkinson said at the Pinnacle Hotel Harbourfront. “The sun provides the raw energy but electricity flows through copper, nuclear power requires uranium, [and] electric vehicles require batteries made with lithium and cobalt.” Out of a list of 31 critical minerals in Canada, the strategy prioritizes six for their economic growth potential and status as inputs for supply chains: lithium, graphite, nickel, cobalt, copper, and rare earth elements. It also focuses on five segments in the critical mineral value chain: geoscience and exploration; mineral extraction; intermediate processing; advanced manufacturing; and recycling. Wilkinson said the focus of the strategy is to expand the critical
| State of emergency fails to quell protests in Andean nation
Thousands of protesters took to the streets in Peru in December amid the state of emergency declared by new president Dina Boluarte. PIXABAY Natural Resources Minister Jonathan Wilkinson speaks in Vancouver on Dec. 9. NATURAL RESOURCES CANADA
mineral sector while doing things in the right way. “It can’t take us twelve to fifteen years to open a mine in this country if we want to accomplish our climate goals,” he said, adding that the government plans to accelerate processes and timelines while respecting the environment and Indigenous peoples, who “must see benefits through mining projects.” The document doesn’t identify any new funding streams that weren’t already set out in Budget 2022. Areas of focus The strategy is guided by six areas of focus: driving research, innovation, and exploration; accelerating project development; building sustainable infrastructure; advancing reconciliation with Indigenous peoples; growing a diverse workforce and prosperous communities; and strengthening global leadership and security. In seeking to drive innovation and exploration, $79.2 million will
be earmarked for public geoscience and exploration to help identify and assess mineral deposits. Under this focus, the new 30% Critical Mineral Exploration Tax Credit for targeted critical minerals will be introduced, and $47.7 million allocated for upstream critical mineral research and development through research labs. Another $144.4 million is set for further R&D, and the use of technologies to support critical mineral development for upstream and midstream segments of the value chain. Wilkinson said that more investment in geological mapping across more areas of the country will benefit exploration companies. “[And] there’s $1.5 billion in the funding for infrastructure that can include roads or transmission lines in the North that can actually help mines,” he said. ‘One project, one assessment’ To accelerate project developSee STRATEGY / 7
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BY COLIN MCCLELLAND
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he worst protests to hit Peru in years are shaking investor confidence in the world’s second-largest copper producer as strikes and blockades threaten output from mines run by Glencore (LSE: GLEN) and China-controlled MMG. The unrest has left at least 20 people dead this month and was continuing even after new President Dina Boluarte declared a state of emergency and promised elections more than two years early in late 2023. Boluarte announced the initiatives following the Dec. 7 sacking of former President Pedro Castillo on charges of corruption and attempts to undermine the constitution. The state of emergency allows armed forces greater leeway to restore order. Glencore’s Antapaccay and MMG’s Las Bambas mines are key operations in the South American country where hundreds of thousands of demonstrators took to the streets this month. Police at times used deadly
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force as buildings burned, some national highways and regional roads were blocked, and airports closed. Protesters backed by some large unions who called local and national strikes want Boluarte to See PERU / 16 PM40069240