The Globe and Mail reports in its Saturday, Nov. 1, edition that the Canada-led Critical Minerals Production Alliance announced investments in Canadian critical minerals projects by G7 countries to counter Chinese dominance. The Globe's Niall McGee writes that this initiative includes mineral purchase agreements, stockpiling and price floors, and was revealed on the final day of the G7 energy and environment ministers' meeting in Toronto. Canadian projects receiving strategic investments included Nouveau Monde Graphite's Matawinie operation near Montreal, Vianode's synthetic graphite plant in St. Thomas, Ont., Northern Graphite's graphite mine in Quebec, Torngat Metals' rare-earths project in Quebec, Rio Tinto Group's scandium plant in Sorel-Tracy, Que., and Ucore Rare Metals' processing plant in Kingston. The investments aim to enhance the G7's presence in critical minerals, countering China's dominance in essential metals for modern economies. Natural Resources Minister Tim Hodgson said the multilateral spending initiative will enhance Canada's national security by reducing reliance on China. He said, "We can leverage multilateralism to address the current crisis we are facing on critical minerals supply chains."
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