National security questions helped inform critical minerals strategy: minister
The new strategy is backed by nearly $4 billion in the 2022 federal budget. Among the measures included are a new 30 per cent tax credit to “support exploration” for critical minerals such as nickel, lithium, cobalt, graphite, copper, rare earth elements, vanadium and uranium.The plan also includes a focus on speeding up project approvals, as well as environmental protection.
The new strategy comes amid a global rush to secure critical minerals, many of which are vital for electronics such as semiconductors, batteries and electric vehicle motors. The strategy also coincides with growing tensions between Canada and China, which has previously purchased or invested in Canadian mines and other natural resources.
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