Supply-demand imbalance looms for critical battery raw materials by 2030: McKinsey
By 2030, McKinsey estimates that worldwide demand for passenger cars in the BEV segment will grow sixfold from 2021 through 2030.
The Canadian Mineral Industry Federation, the Mining Association of Canada, and the Prospectors & Developers Association of Canada issued a brief this month urging provincial, federal and territorial mine ministers to take action to ensure Canada remains a globally competitive jurisdiction and can continue to attract mineral investment.
As the alliance of associations has done in the past two years, the brief proposes a series of recommendations aimed at counteracting global competitive forces and promoting government regulatory, infrastructure and financial support for the sector.
Miners ask the federal government to expand geological studies so that detailed mapping of remote regions can be done and to provided financial support to catalyze private sector innovation investments
One of the top priorities for the industry
Hand-in-hand with less stringent taxes goes -in industry’s view- appropriate access to prospective lands, sound implementation of the 2019 Federal Impact Assessment Act, and expanded investments in remote and northern infrastructure.
According to the document, Canadian miners would also like for the different levels of government to engage in free trade and investment agreements that open doors for them to export not only their products but also their expertise and business practices.
“Without the vital support of governments to achieve the recommendations by CMIF, Canada’s exploration and mining industry —once envied the world over for its mineral wealth and abundance of exploration and extraction expertise— will continue slipping from its position of dominance,” Felix Lee, president of the Prospectors & Developers Association of Canada, said in a media statement.
“As foreign competition soars, we are left chasing countries that once viewed us as the global benchmark. The recommendations, in partnership with the CMMP [Canadian Minerals and Metals Plan], will ensure Canada’s continued success as a leader in exploration and development.”
Besides their traditional trading practices, firms based in the North American country say they want to be supported in their goal of becoming leaders in the provision of raw materials used by other industries such as clean-tech, manufacturing, transportation, high-tech, and aerospace and defence.
As they work towards such a goal, miners say they want to ensure they do it in a responsible manner, not only in their interactions with local and Indigenous communities but also when it comes to preventing carbon leakage from their operations.
“Respecting the country’s biodiversity also continues to be a priority for the sector and ensuring appropriate approaches to conserving species at risk will play a pivotal role in Canada’s exploration and mining future,” the report reads.
