“For the first time, Ottawa is set to subsidize the production costs of large electric vehicle battery producers. It hopes to convince them to set up their plants in Canada, or to maintain their presence here.
Canada's new $4-billion critical minerals strategy will at first focus on the six categories of metals and minerals with the biggest potential for growth.
Wilkinson’s critical minerals strategy will be backed by the $3.8 billion allocated for the mining sector in this year’s federal budget. Many initiatives mentioned in the strategy were announced earlier this year.
The strategy describes locating critical minerals in Canada’s vast landmass as a “complex endeavor,” so the government will spend about $79.2 million on geoscience and exploration to better identify mineral deposits.
Canada has many advantages in the EV battery sector — including a skilled workforce, access to international markets and, above all, clean energy”
Policies include allocating $40 million to support permitting procedures, $21.5 million to help project developers navigate regulatory processes, and $1.5 billion to fund advanced projects.
The government also aims to bring in more workers in the mining sector, which faces a shortage of about 113,000 workers by 2030, according to the Mining Industry Human Resources Council.
Clean Energy Canada says the battery supply chain opportunities could contribute up to $48 billion a year to Canada's economy by 2030 and support as many as 250,000 jobs. “