Canada set to beat China in race for rare earth supplies

Crucial to the manufacture of EVs for electric vehicles are rare earth minerals. Europe expects to reduce its dependence on the Chinese communist countries for the supply of key raw materials. Canada has more than 15.1 million metric tons of rare earth oxides and is one of the largest stockpile countries. Canada’s International Trade Minister Mary Ng wants to “be part of the solution to supply solutions.

The EU and the rest of the world are accelerating sustainable economic plans as they try to reduce their dependence on China. Russia holds the EU hostage with its energy supply monopoly, becoming a concern for European officials about Beijing’s monopoly on minerals. By using its dominant position in raw materials, China could bring Europe under its control. Canada plans to increase mineral development since the G-7 announced plans to increase production of rare earths last December.

In a speech in Canada earlier this month, European Commission President Ursula von der Leyen said Europe needs to reduce the risk of dependence. “The resilience of the supply chain and the way minerals are extracted are important,” Mary Wu said on Tuesday. A mining project can take five to 25 years to become operational, so the government is working to speed up the approval process.

Asked if Canada aspires to replace China as a major supplier, Ng said Canada used to be ranked fifth in the battery ecosystem. And now it is in second place, behind China. There is already international cooperation in the hydrogen sector, and cooperation is underway in key mineral development. Canada will also be involved in building a resilient supply chain on the Atlantic Ocean.