When Prime Minister Justin Trudeau told a group of executives that U.S. President Donald Trump wasn’t kidding about annexing Canada, he offered one reason: critical minerals.
The Ring of Fire is deposit that contains large amounts of nickel, chromite and other minerals in northwestern Ontario. The province has been negotiating with First Nations communities in the area for more than a decade to build the infrastructure and sign agreements needed to develop mines.
The deposits are strewn across the country, which has a land mass about as big as all of Europe and second only to Russia. Ontario, Canada’s most populous province, is rich in nickel, chromite and copper. Quebec has lithium, rare earth metals and graphite. British Columbia has copper, molybdenum and niobium. The prairie provinces — Saskatchewan and Manitoba — have ultra high-grade uranium and potash.
The U.S. also relies on Canada for its military needs. Nickel from northern Ontario is shipped to the U.S. for weapons manufacturing, along with zinc and germanium from Teck Resources Ltd.’s smelter in British Columbia. But despite Canada’s mineral abundance, resource extraction is slowed by lengthy permitting times and countless regulatory hurdles. It can take five to 25 years to develop a mine in the country. And a lack of infrastructure in remote yet resource-rich regions means some deposits could take decades to develop.in northern Ontario replete with nickel, copper and chromite — was discovered decades ago but has no clear timeline for development.
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