Price noted that Canada has committed $4 billion over eight years to support critical mineral development, compared to $20 billion that China invested in 2023.
The facility in Hami city is just the latest in a series of coal-to-oil developments greenlit in recent years in the mining hubs of Xinjiang, Shaanxi, Ningxia and Inner Mongolia.
Dalian iron ore futures prices rebounded on Thursday, buoyed by hopes of more fiscal stimulus from top consumer China and firmer seasonal demand for steel products.