The Globe and Mail reports in its Thursday edition that Ottawa will begin stockpiling domestically produced graphite and scandium as part of its effort to finance critical minerals mines and processing plants. The Globe's Niall McGee writes that this move aims to challenge Chinese dominance and address Western supply concerns. The announcement came at the conclusion of the G7 summit of energy ministers in Toronto, although specific minerals beyond graphite and scandium were not disclosed.
Natural Resources Minister Tim Hodgson's spokesman, Greg Frame, says output from Rio Tinto's scandium plant and Nouveau Monde Graphite's project will be stockpiled under the government's critical minerals strategy.
China leads in graphite, important for electric car batteries and defence, and scandium, used in aerospace and automotive industries.
Canada is working to challenge China by meeting domestic demand and supplying the U.S., which lacks graphite and scandium production. This effort will be supported by a new $2-billion critical minerals sovereign fund announced in the recent budget.
The fund will also bankroll loans, purchase equity stakes, and agree to price floors and offtake agreements with mining companies.
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