If we are to be a world power (at least economically), it’s long past time for Canada to invest in one industry vital to most of the high-tech sector.
Finance Minister Francois-Philippe Champagne is currently in Washington, D.C. meeting with his G-7 counterparts to discuss critical mineral supply chains.
Champagne said last month it’s time to move on extraction and refining of critical minerals in Canada.
The first part is often discussed, but the second part (refining) sometimes flies under the radar.
As Prime Minister Mark Carney gets ready for the first visit of a Canadian PM to China since 2017, we often hear about China’s stranglehold on critical minerals (especially those used for high tech devices and semiconductors).
China currently mines about 70% of rare earth elements, but they process about 90% of them.
That has to change, not only for economic reasons, but to maintain the viability of the supply chain when it comes to computers and smart phones and to take away leverage China may have in trade talks.
The Ring of Fire is often spoken about as a treasure trove of rare-earth minerals and a critical part of Canada’s economic future. It’s time we also acknowledge that it’s one thing to get something, it’s far more important to know what to do with it.
I’m Paul Martin and that’s what I see looking Beyond the Headlines.
