The race for critical minerals is heating up, and Canada is uniquely positioned to play a pivotal role in shaping the future of technology and green energy. These minerals, essential for everything from smartphones to solar panels and EV batteries, are the backbone of the electro-digital age. Vince Beiser, author of Power Metal: The Race for the Resources That Will Shape the Future, emphasizes their indispensability: “Can’t make that stuff without critical metals.”
Canada, with its rich mineral landscape, has 34 critical minerals and metals on its list. These resources are not just economically valuable but also crucial for national security and the transition to a sustainable, low-carbon economy. Jacob Lorinc, a mining reporter at Bloomberg, highlights Canada’s historical significance in mining: “Historically, Canada has really been the world’s sort of top destination for mining companies and prospectors.” Yet, despite this potential, Canada has struggled to fully capitalize on its mineral wealth. Lorinc points out that while Canada has abundant resources, it has not always been effective in mining them. “These minerals are everywhere, but we haven’t necessarily been very good at mining it in recent years,” he notes.
The challenges are multifaceted. Some deposits, like the Ring of Fire in northern Ontario, are in remote areas where developing mining infrastructure is difficult. Additionally, there are environmental concerns, particularly from Indigenous communities who worry about water contamination and other environmental impacts. JP Gladu, principal and founder of advisory firm Mokwateh, stresses the importance of Indigenous leadership in these developments. “It’s absolutely important that we get through this with Indigenous leadership at the table,” he says. This collaboration is not just about environmental stewardship but also about economic opportunities for Indigenous communities.
The geopolitical implications of this race are profound. The U.S. and China are locked in a battle for tech supremacy, with each vying for control over critical minerals. China, with its extensive mining and processing capabilities, holds a significant advantage. Beiser explains, “China, which was just opening up its economy at that time, said, fine, we’ll do it. We’re happy to dig this stuff up on our own land and build the refineries here in China.” This strategic move has allowed China to leverage its position by restricting mineral exports to the U.S., forcing the U.S. to seek alternative sources.
The U.S. has shown interest in annexing mineral-rich territories like Canada and Greenland, and is negotiating deals with Ukraine for access to its minerals. This geopolitical maneuvering underscores the strategic importance of critical minerals. Steyn highlights the national security implications: “Critical minerals are a matter of national security for the U.S.” This geopolitical tension could reshape global supply chains and influence international relations.
For Canada, the stakes are high. The country’s ability to develop its critical mineral resources could position it as a key player in the global supply chain. However, this requires addressing environmental concerns, ensuring Indigenous involvement, and improving mining infrastructure. Gladu emphasizes Canada’s potential: “We have an incredible role to play in all those sectors.” But he also acknowledges the challenges: “But we certainly struggle as a nation to be competitive in the space.”
The race for critical minerals is not just about economic gain; it’s about securing the future of technology and green energy. Canada’s role in this race will be shaped by how it navigates the complexities of mining, environmental stewardship, and geopolitical dynamics. The decisions made today will echo through the decades, influencing the trajectory of the electro-digital age and Canada’s place in the global arena.
