What are critical minerals and why does everybody want Canada's?
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Since the tariff battle started earlier this year, the phrase 'critical minerals' has become part of discussions around the world. What exactly are critical minerals and why are they important? Well, critical minerals are minerals that are needed for economic or security reasons and essential in the manufacturing of many required products. And, Canada's got a lot of them.
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Canada's government lists 34 minerals and metals as critical, calling them 'the foundation upon which modern technology is built.' Copper, helium, potash and uranium are just a few examples. Mines, refineries or advanced projects involving critical projects can be found in all Canadian provinces and territories, except for Prince Edward Island. To better understand critical minerals in Canada, Postmedia Calgary's Darren Francey created this graphic look at the subject.
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Critical minerals 'are the building blocks for the green and digital economy,' Ottawa says, noting they are used in the production of smartphones, laptops, data centres, mobile networks, drones, satellites, electric vehicles, wind turbines and solar panels.
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One mineral-rich region in Ontario, the Ring of Fire, has gained attention because of the economic boost it could give Canada as well as its role as a bargaining chip against U.S. tariff and annexation threats. The Ring of Fire is a roughly 5,000 kilometre region where vast reserves of nickel, chromite, zinc, platinum, copper and many other critical minerals are believed to be buried.
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Conservative Leader Pierre Poilievre has said that if elected, his government would aim to approve all federal permits for mining in the Ring of Fire region within six months, and commit $1 billion to build a road network to help facilitate this.
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As part of his promises to invest in critical minerals, Liberal Leader Mark Carney has said that he would work 'very closely' with the Ontario government to 'rapidly' develop the Ring of Fire.
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KWG Resources, which owns the Black Horse chromite project and has a stake in other deposits in the region, said in a statement it 'warmly welcomes the attention that both Prime Minister Mark Carney and Conservative Leader Pierre Poilievre have recently directed toward the Ring of Fire's development potential as they vie to lead Canada at a pivotal moment in its trade relationship with the United States.'
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Ontario's government tabled legislation mid-April aimed at speeding up the development of mines — and other large-scale projects — by designating some of them as 'special economic zones.' The Ring of Fire will be one such zone.
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