RE:RE:RE:Canada resource sector Has Canada lost the resource battle?
Protecting critical metals for the energy transition has become a matter of national security for many countries. But Canada is losing this battle, according to Giustra and Lassonde.
While many countries are facing massive metal shortages, Canada is distracted by foreign investments. For example, Canadian pension funds, which represent C$2,700 billion in savings, have invested more in China than in Canada, which is unforgivable, Giustra and Lassonde told Kitco News.
Specifically, Canadian pension funds invest less than 3% of their total assets in Canadian public companies, down from 28% in 2000.
"When you look at the mining sector in Canada, it has been totally ignored by government over the past 40 years. Our politicians, both federally and provincially, don't care about the mining industry at all," said Lassonde. "Frank says we could lose the race. We've already lost the race."
Giustra stressed that bold action is needed to resolve this crisis, but that Canada lacks visionary leadership.
"Canada is one of the most prolific mining countries on the planet, the second largest territory in the world and largely unexplored. [However], there is almost no investment in the Canadian mining sector. This is in