By Divya Rajagopal <\/p>\n
TORONTO, July 7 (Reuters) – The Canadian government announced a potential equity investment in Teck Resources for up to C$400 \u200cmillion ($281.93 million) to help expand its Trail Operations facility in British \u200cColumbia for the production of strategic metals, the country’s natural resource ministry said in a statement \u200bon Tuesday. <\/p>\n
The agreement also includes a framework for an offtake agreement from the Canadian government to secure rights for Teck’s future production of rare earth metals such as germanium, antimony, and gallium. These metals are used across industries such \u200cas infrared optics in defense, \u2060semiconductors, and radar systems. <\/p>\n
The government’s investments will be part of Teck’s plans to invest up to C$850 million to \u2060sustain and enhance critical minerals processing capacity at Trail Operations. <\/p>\n
“It is designed to do something practical: give companies the certainty they need to make major investments in \u200bCanadian \u200bcritical mineral mining and processing projects, even \u200bwhen global markets are volatile,” \u200cCanada’s natural resource minister Tim Hodgson said in a statement. <\/p>\n
Canada, along with its Group of Seven partners, has been looking to stockpile a range of strategic metals, which are currently controlled by China. Earlier this year, Canada announced an offtake agreement, where it will buy graphite from Montreal-based Nouveau Monde \u200cGraphite at a predetermined price and will \u200blook to sell it to its allies. <\/p>\n
The \u200bG7 countries, over the last \u200btwo years, have proposed several measures to tackle the dominance of \u200cChina in rare earths \u2014 difficult-to-extract metals \u200bused in cell phones, \u200bEVs and high-tech weapons. China currently controls over 90% of these metals and imposed export controls last year in retaliation for U.S. \u200btariffs. <\/p>\n
Teck Resources, which announced \u200cits merger with Anglo American last year, is the largest producer \u200bof germanium in North America. <\/p>\n
($1 = 1.4188 Canadian dollars) <\/p>\n
(Reporting by Divya Rajagopal \u200bin Toronto; Editing by Andrea Ricci ) <\/p>\n","protected":false},"excerpt":{"rendered":"By Divya Rajagopal TORONTO, July 7 (Reuters) – The Canadian government announced a potential equity investment in Teck…\n","protected":false},"author":2,"featured_media":120266,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[17,4018,40816,13549,40815],"class_list":["post-120265","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-canada","tag-canadian-government","tag-natural-resource","tag-teck-resources","tag-trail-operations"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/120265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/comments?post=120265"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/120265\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media\/120266"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media?parent=120265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/categories?post=120265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/tags?post=120265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}