Fortune Minerals Ltd T.FT

Canada Must Spend More to Erode China’s CM Dominance

[Allman]

Teck's CEO was shaking the cage a bit in Ottawa today - he gave a great comparison to current situation; “Support for car and battery plants, absent support for the mines needed to support them, is like starting a farm-to-table restaurant — without bothering to plant the farm.”  See attached article -Fortune Minerals mentioned not only in this BNN piece, but also Globe and Mail - the more visibility, the better.

https://www.bnnbloomberg.ca/business/2024/10/10/teck-ceo-says-canada-must-spend-more-to-erode-chinas-critical-minerals-dominance/

[Allman]

For those interested; The following is the text of a speech delivered by Teck Resources President and CEO Jonathan Price on October 10 in Ottawa at an event jointly hosted by the Business Council of Canada and the American Chamber of Commerce in Canada on Strengthening Critical Minerals Security.  https://www.policymagazine.ca/canadas-role-in

[Nemesis]

Here is a striking passage from this text: In his speech, Price noted that Canada’s government has has committed C$4 billion ($2.9 billion) in spending on critical minerals over eight years, while China has spent C$20 billion in 2023 alone, evidence that China will be aggressive in trying to consolidate its dominance in critical minerals.