Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
The Canadian government has released its annual Canadian Critical Minerals Strategy 2024 report, which highlights progress and additional plans the country has taken to expand the mining industry to produce critical minerals, including rare earth elements. the EETimes He says the Canadian Center of Excellence for Critical Minerals in Natural Resources Canada works to “identify and support strategic projects within the semiconductor supply chain.”
The report identifies an important mineral that has a compromised supply chain and must have a reasonable opportunity to be produced in the country. Furthermore, it must meet one or more of the following criteria: Be economically and nationally Canadian protectionThey are essential for Canada to achieve its net zero goal, and allow the country to be a sustainable and strategic partner in the global supply chain. There are currently 34 critical minerals on Canada’s list, but the following six are a priority for the government: lithium, graphite, nickel, cobalt, copper and rare earths.
Rare earth metals are used to make the latest chips, but, as their name suggests, they are not as plentiful as other metals such as silicon or iron. Rather, the ongoing tensions between China and the rest of the Western world prompted the former to do so Tighter export controls To supply these crucial elements, which has led to an increase in the prices of these products. This has resulted Other countries such as Australia to find alternative sources For these products to help alleviate the supply crunch and keep semiconductor production going. Apart from this, lithium, nickel and copper are also crucial elements in the production of electric vehicles and the battery technology they require.
However, one industry executive says it’s too little, too late for Canada, noting that it takes at least 10 to 15 years to establish a new mine in the country due to strict regulations. In his personal capacity, CMC Microsystems CEO Gordon Harling said the U.S., China and Australia already have a strong start in production and are “much less likely to slow things down for environmental reasons” than Canada. “The other flaw in the ointment is that new battery chemistry could appear at any moment, eliminating the need for lithium,” he added.
Despite this, there is still a growing global demand for these elements, mainly because we depend on them to produce next-generation technologies. Just as humanity once relied on bronze and iron for progress, we now depend on these important metals to move our society forward. The global geopolitical threat to the supply chain of these critical elements means we need as many resources as possible. This will help us avoid shortages like those we saw during the height of the 2020 global pandemic.
