TSXV:BAY - Post Discussion
Post by
traps7 on Oct 11, 2024 9:17am
without bothering to plant the farm,
Globe says Teck boss wants gov't to help beat China
2024-10-11 08:09 ET - In the News
The Globe and Mail reports in its Friday edition that Teck's chief executive officer Jonathan Price wants government to do more to address China's dominance in critical minerals. The Globe's Niall McGee writes that speaking in Ottawa on Thursday, Mr. Price called for far more aggressive direct investment in the critical-minerals sector by North American governments. Ottawa has committed $3.8-billion to fund the industry over eight years, but Mr. Price pointed out that China invested $20-billion (U.S.) in 2023 alone, which was used in large part to expand its access to critical minerals abroad. While Canada and the United States have invested tens of billions in battery metals manufacturing plants, Mr. Price said, the same governments have lagged in their support for mines and processing plants. "Support for car and battery plants absent support for the mines needed to supply them is like starting a farm-to-table restaurant without bothering to plant the farm," he said. China has the ability to flood the market, drive down commodity prices and "make it impossible for companies to justify investing in new supply," he added. He called for more ambitious government support from Canada and the U.S. to meet China's challenge.
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