• 44 mins Coronavirus Could Cost Tourism Industry $80 Billion
  • 5 hours What Web Traffic Trends Can Tell Us About The World
  • 9 hours Miners Face Greater Headwinds
  • 1 day Boris Johnson Proposes Billion Dollar Bridge To Northern Ireland
  • 2 days Goldman Slashes Oil Price Forecast By $10
  • 3 days Tesla Raises $2 Billion In Share Selloff
  • 4 days What The T-Mobile Takeover Of Sprint Really Means For Markets
  • 4 days The U.S. Has Charged Huawei With Racketeering And Conspiracy
  • 4 days How Hydrogen Could Become The Fuel Of The Future
  • 5 days Millennials Can’t Retire, But They’ll Still Have To Help Their Parents
  • 5 days This Gold Miner Just Increased Its Dividends By 40%
  • 5 days Airbnb IPO Under Threat As China's Economy Drags
  • 6 days The Infamous Equifax Hack Just Became A National Security Issue
  • 6 days BHP Takes The Crown As World’s Top Copper Miner
  • 6 days Tesla Reopens Chinese Factory After Coronavirus Scare
  • 7 days Armed Troops Storm El Salvador’s Parliament
  • 7 days Is A New Housing Bubble Forming?
  • 7 days The Biggest Challenge Facing West Africa's Single Currency Plan
  • 7 days Iran's Space Program Hits Another Snag
  • 8 days The Politics Of Love In The Digital World
How Bernie Sanders Could Send Gold To $2,000

How Bernie Sanders Could Send Gold To $2,000

"If Sanders becomes president in…

Low Gold Miner Valuations Reveal Upside Potential For The Industry

Low Gold Miner Valuations Reveal Upside Potential For The Industry

Today’s low gold-miner valuations reveal…

Why Germany Is Going To War With Gold

Why Germany Is Going To War With Gold

Owning gold is a way…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Commodities
  3. Precious Metals

Canada Looks To Become A Major Source For Critical Minerals

Canada Critical Minerals

Natural Resources Canada would hire a British firm to provide 10-year market forecasts for nearly two dozen vital minerals used in products like electric car batteries, solar panels, wind turbines and military devices, The Canadian Press reported.

The plan comes as the Trudeau government is working with the United States on a joint initiative to ensure reliable supplies of rare earths and critical minerals, a market currently dominated by China.

Of the 35 minerals and metals the US deemed critical earlier this year, Canada was identified as a major import source for 13.

The 17 vital elements used in missile systems, electric vehicles, computer screens and other tech devices were thrown into the spotlight after China signalled earlier this year that it may restrict supply to the US as a retaliatory measure for tariffs imposed by Washington. Related: Will Bezos Buy The Seattle Seahawks?

The threat set off alarm bells not only because the Asian giant is the US main provider of rare earths, but also because it accounts for 70% of global production and controls 90% of a market value in $4 billion.

In the past months, the Trump administration has stepped up efforts to ensure the supply of critical minerals from outside China. As part of those initiatives, it has signed a memorandum of understanding with Greenland to conduct a hyper-spectral survey to map the country’s geology.

Washington has also gained the support of Australia, which has committed to facilitate potential joint ventures to improve rare earth processing capacity and reduce reliance on Chinese rare earths. The mineral agencies of the both countries signed in November a research agreement to quantify their reserves of critical mineral reserves.

Despite their name, the minerals grouped under the rare earths label are not rare. According to the US Geological Survey (USGS), they are roughly as common as copper. But, because rare earth ores oxidize quickly, extracting them is both difficult and extremely polluting.

By Mining.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment