Canada Eyes Strategic Funding for Critical Minerals

In a bid to diversify the supply chain and reduce dependency on China, Canada is collaborating with its allies to explore funding critical mineral transactions. Energy and Natural Resources Minister Tim Hodgson revealed this strategic move on Tuesday, during an interview with Reuters.

This initiative mirrors a similar strategy by the U.S. government with MP Materials and aims to secure minerals that have come under China's export restrictions. Such restrictions have posed challenges in the production of these vital mineral products within G7 and NATO countries.

Hodgson highlighted that ensuring a stable and diversified supply of critical minerals is essential for sustaining economic and industrial growth in allied nations, as they seek to mitigate risks associated with over-reliance on a single supplier country.

(With inputs from agencies.)