Canada looks to cash in on critical minerals

A lowkey provision of the recent US landmark climate bill could be a highkey win for Canada. 

What happened: Officials are pointing to a new document on the White House website that calls for Canada to be a domestic source for critical minerals used in electric vehicles (EVs). 

Yes, and? Well, the US is also putting US$500 million into supporting the production of those minerals, which some see as a sign that Canada could see some of that money coming in. 

Why it matters: A potential partnership of this kind presents a massive financial opportunity for Canada and could help establish the country as a leading producer of critical minerals.

  • Earlier this year, the federal government went all in on critical minerals, allocating $3.8 billion over the next eight years to grow the industry nationwide.

Yes, but: Canada lags behind its peers in critical mineral mining production. China happens to also be a huge player—the only operating lithium mine in the country is Chinese-owned.