The Canadian government released its Canadian Critical Mineral Strategy Annual Report 2024, highlighting the progress and further plans the nation has made in expanding its mining industry to produce critical minerals, including rare earth elements. The EE Times says that Canada’s Critical Minerals Center of Excellence at Natural Resources Canada works “to identify and support strategic projects within the semiconductor supply chain.”
The report defines a critical mineral with a threatened supply chain and must have a reasonable chance of being produced in the country. Furthermore, it must meet one or more of the following criteria: it is essential to Canadian economic and national security, it is needed for Canada to hit its net-zero target, and it allows the country to be a sustainable and strategic partner in the global supply chain. Currently, there are 34 critical minerals on the Canadian list, but the following six are a priority for the government: lithium, graphite, nickel, cobalt, copper, and rare earth elements.
However, one industry executive says this move is too little, too late for Canada, noting that putting up a new mine in the country takes at least 10 to 15 years owing to strict regulations. CMC Microsystems CEO Gordon Harling said in his personal capacity that the U.S., China, and Australia already have a head start in production and are “much less likely to slow things down for environmental reasons” compared to Canada. He added, “The other fly in the ointment is that a new battery chemistry could show up at any moment, which eliminates the need for lithium.”
