Canada will focus on securing supplies of critical minerals when it hosts its Group of Seven partners this week at a meeting of energy and environment ministers in Toronto, Natural Resources Minister Tim Hodgson said in an interview on Tuesday.
G7 countries, except Japan, are heavily or exclusively reliant on China for a range of materials from rare earth magnets to battery metals.
“We will see this week many examples of us moving beyond talks to firm commitments to fund several types of tools (to secure critical minerals),” Hodgson said. The G7 meeting will be held from October 30 to October 31.
Earlier this year G7 officials met in Chicago and discussed price floors backed by government subsidies, which the US recently introduced to encourage domestic production of critical minerals.
Canada will also aim to cement offtake agreements, or financing deals where a buyer agrees to purchase a…
