Teck Resources Ltd.’s chief executive officer warned the Canadian government that it isn’t doing enough to foster development in the critical minerals sector.
Erik Hertzberg, Bloomberg NewsMike Crabtree, president and CEO at Saskatchewan Research Council, joins BNN Bloomberg and talks about Canada opens critical minerals hub, challenging China 's dominance.
That stands in contrast with countries like Saudi Arabia and China, whose governments are spending billions to entrench their positions in global supply chains, he said. Price also referred to Canada’s “cumbersome regulatory processes,” including lengthy permitting times, saying they make the sector less competitive and are a deterrent to investment. North American governments need “ambitious, targeted government incentives and investment” to grow critical minerals capacity, he said.
Cohen pointed to the Defense Production Act Investments program in the US, which has already provided funding to Canadian mining companies like Fortune Minerals Limited and Lomiko. At a news conference in Toronto, Deputy Prime Minister Chrystia Freeland said her government has put forward the first Canadian critical minerals strategy and it also has a suite of investment tax credits for green projects worth more than C$90 billion.
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