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Canada cooperates with allies to consider financing for critical mineral projects
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Release time：2025-08-29
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Focus on minerals currently subject to China's export restrictions, which pose challenges to the G7 and NATO countries.
According to reports, Canada is collaborating with international allies to fund critical mineral projects aimed at diversifying supply chains and reducing dependence on China.
According to Reuters, this move was conveyed by Canada's Minister of Energy and Natural Resources, Tim Houghton. The focus is on minerals currently subject to Chinese export restrictions, which pose challenges to the production of important minerals for G7 and NATO countries. In this context, Houghton emphasized the MP Materials deal, which also aims to reduce foreign dependence. On July 10, MP Materials announced it had established a public-private partnership with the U.S. Department of Defense to build a domestic rare earth magnet supply chain.
Currently, the U.S. heavily relies on imports for rare earth magnet components. The agency quoted Houghton saying, "I think you will see us considering similar deals, working with our allies." "The difference with the MP Materials agreement is that all output is shipped to the U.S. We are interested in working with our allies on such deals and sharing output with allies," Houghton explained.
Additionally, Canada has taken measures to protect its domestic steel industry from global pressures by introducing tariff quotas. These quotas will take effect on August 1, 2025, and apply to countries with which Canada has free trade agreements, excluding the U.S. and Mexico. For countries without such agreements, the duty-free quota will be halved to 50% of the 2024 level, down significantly from the previous 100%. Imports exceeding this new quota will face a 50% tariff.
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