York Harbour Metals Inc V.YORK

13 Billion VW.. Treudeau's trickle down mining investment

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The Globe and Mail reports in its Wednesday, Feb. 7, edition that plummeting prices for lithium and nickel are dashing Canada's dream of becoming a global juggernaut for critical minerals. The Globe's Tim Kiladze writes that the situation is growing so dire that some miners have started calling for government intervention. As it stands, The Globe says Canada is well-situated for the critical minerals revolution, overtaking China this week as the global leader in BloombergNEF's global lithium-ion battery supply chain ranking. Yet having raw materials in the ground is very different from producing them -- and Canada is struggling to do the latter. Northern Graphite chief executive officer Hugues Jacquemin says, "The storm is brewing." Mr. Jacquemin is trying to raise money for a new project in Ontario. With prices of multiple critical minerals crashing, the uncertainty "is scaring smaller investors." He says, "We cannot let the downturn in pricing and demand in China slow us down." Canada Nickel CEO Mark Selby says, "What we've seen in the last three or four weeks is the capitulation moment that usually calls a bottom." Mr. Jacquemin warns that if things stay the way they are, very little will get built.

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