Torex Gold meets 2024 guidance while prepping Media Luna in Mexico
The Toronto-based company produced 452,523 oz. gold last year, it said Thursday.
Canada’s minister of energy and natural resources, Jonathan Wilkinson, has pushed back against incoming US President Donald Trump’s recent claim that America does not need anything from its northern neighbour as “simply false.”
Wilkinson, who is speculated to be a contender to succeed Justin Trudeau as Prime Minister, highlighted Canada’s critical role as a supplier of resources the US lacks feasible alternatives for, including crude oil, uranium, potash, and critical minerals.
“The United States derives enormous economic value from Canada,” Wilkinson said during a CTV News interview. He noted that US refineries, particularly in the Midwest, rely on Canadian heavy crude oil. Alternatives, like Venezuelan crude, present logistical and geopolitical hurdles, while critical minerals and uranium from Canada fill gaps that would otherwise leave the US dependent on China or Russia.
Canada also supplies potash, a key ingredient for American agriculture, and hydropower to states like New York and Massachusetts. “There is no alternative,” Wilkinson emphasized, describing the deep interdependence of the two nations’ economies.
The minister emphasized the critical role of Canada’s resources in supporting the US energy and defence sectors. American nuclear plants rely heavily on Canadian uranium, and the US Department of Defense has invested in Canadian projects to secure alternatives to Chinese supplies of critical minerals, including cobalt and graphite.
Wilkinson also revealed that Canada is prepared to take strong retaliatory measures if the US imposes tariffs, including an export tax on Canadian energy or targeted levies on American goods.
According to reports from CBC News, a list is circulating among Canadian officials that includes America-made goods that could be targeted by retaliatory levies. Items like US steel products, ceramics, and even Florida orange juice are reportedly being considered for these measures.
“That list will certainly be focused on looking to extract the greatest amount of pain in the United States to ensure that there is pressure put on President Trump to withdraw [the tariffs],” Wilkinson said.
Trump has floated the idea of imposing 25% tariffs on goods from Mexico and Canada, citing trade imbalances. Media reports have suggested he may exclude commodities like oil and uranium and target manufacturing industries instead. Sectors such as auto manufacturing, aerospace, and aluminum — concentrated in Ontario and Quebec, where the majority of Canadians live — are seen as more vulnerable to tariffs.
Despite Parliament being suspended until March 24 following Prime Minister Justin Trudeau’s announcement of his impending resignation, the federal government retains the authority to impose retaliatory duties without new legislation. This approach was used during in 2018, during Trump’s fist term in office, in a trade spat over steel and aluminum tariffs.
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