Canada want to speed up mining
2022.12.09 15:26
Canada want to speed up mining
Budrigannews.com – As the world strives to move away from fossil fuels and toward cleaner technologies, Canada unveiled a new plan on Friday to increase the production and processing of crucial minerals that power EV batteries.
The 58-page strategy document stated that the government would review the permitting process with the goal of reducing the amount of time required to bring mines online by avoiding duplication and ensuring early indigenous consultation and engagement. The completion date of the review was not specified.
During a news conference that took place in Vancouver, Canada’s Natural Resources Minister Jonathan Wilkinson stated that the plan focuses on expanding the critical minerals sector and “moving things forward expeditiously.”
The strategy, according to Wilkinson, “is a roadmap for the creation of wealth and sustainable jobs throughout the value chain in every region of this country,” and it is supported by nearly C$4 billion ($2.95 billion) in the budget for 2022.
Through the Critical Minerals Centre of Excellence, businesses will receive assistance with federal support applications as part of the strategy. According to a senior government source, the office already employs approximately fifteen individuals.
Vital minerals are essential components of solar panels, electronics, and EV batteries and are essential to the transition to a green economy. According to the document, it can take anywhere from five to 25 years for a mining project to become operational, even though Canada is home to some of the largest deposits of crucial minerals.
The document states, “We recognize that, although responsible regulations are essential, complex regulatory and permitting processes can hinder the sector’s economic competitiveness and increase investment risk for proponents.”
It is anticipated that the demand for essential minerals will skyrocket as the world moves toward cleaner technologies. The bureaucracy, according to many in the mining industry, is too slow and holding up investment.
Pierre Gratton, president and chief executive of the Mining Association of Canada, stated, “What has been the tendency over many years is that the requirements just keep ballooning and you end up with impact assessment reports (for new mines) that are thousands of pages long,” adding that he welcomed a review of the permitting process.
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“We are not seeking yet another reorganization of the federal system. We are looking into ways to quickly put in place the requirements that are already in place… He stated, “There are definitely opportunities to accelerate things.”
The market for vital minerals used in EV batteries is dominated by China.
Countries like India, Japan, the United States, Canada, Australia, and others want to get away from relying on dictatorial governments for strategically important materials.
In 2020, Canada and the United States entered into a joint action plan to advance safe supply chains for essential minerals. Similar agreements for cooperation in critical minerals have been made with Japan and the European Union.
Gratton stated, “I’ve talked to the Americans and Europeans more in the last few years than I had ever talked to them in my entire career.” “They keep knocking on our door because everyone wants a piece of Canada right now.”
From exploration and mining to recycling old batteries, the new strategy outlines priorities along the entire critical-mineral value chain. It also addresses the requirement for new infrastructure in frequently inaccessible regions of the country.
The document states, without going into detail, that Ottawa will seek “regulatory harmonization” with the United States on critical minerals.
Ottawa’s technique focuses on creating lithium, graphite, nickel, cobalt, and intriguing earth components. To encourage exploration for nickel, lithium, cobalt, graphite, copper, rare earth elements, vanadium, and uranium, Canada is simultaneously providing a 30% tax credit.
