By Paul Vieira
OTTAWA-Canada said Monday it has secured financial backing for 30 new critical-minerals projects in the country, as Western allies aim to find alternative supplies of rare earths to counter China's dominance in the field.
Energy and Natural Resources Minister Tim Hodgson said the projects represent about 12.1 billion Canadian dollars, or the equivalent of US$8.9 billion, in new cash into the domestic mining sector. The 30 new projects build upon deals revealed in October by Group of Seven energy officials.
The deals include offtake agreements, in which there's a commitment to buy a miner's production. One such arrangement is in British Columbia, involving technology giant Apple. Other notable companies involved include Panasonic Holdings and Siemens.
Hodgson said that when combined with deals announced in October, a total C$18.5 billion is committed to Canadian critical-minerals projects, which he said would strengthen supply chains, support growth and reduce strategic vulnerabilities.
"Canada and our allies abroad are putting real capital behind the secure, sustainable supply chains that our economies and our defense industries depend on," Hodgson said.
Canada has tried to champion closer integration among the big Western developed economies on the production of critical minerals. Since the 1990s, China has used aggressive tactics to build up and maintain its lock over rare-earth minerals, which are essential to making magnets needed for cars, wind turbines, jet fighters and other products.
Write to Paul Vieira at paul.vieira@wsj.com
(END) Dow Jones Newswires
03-02-26 1143ET
