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Investing.com -- Canada plans to accelerate mining projects valued at C$6.4 billion ($4.6 billion) as part of the Critical Minerals Production Alliance, Energy and Natural Resources Minister Tim Hodgson announced Friday.
The announcement came at the conclusion of the two-day Group of Seven meeting of energy and environment ministers in Toronto.
Hodgson said Canada and its G7 partners will mobilize public and private capital to expedite production of graphite, rare earth elements, and scandium. As part of this initiative, Canada has signed an offtake agreement for scandium and graphite with Australian miner Rio Tinto and Quebec-based Nouveau Monde Graphite. An offtake agreement is a deal where a buyer commits to purchase a producer’s future output at a predetermined price.
Earlier this week, Hodgson told Reuters that Canada aims to lead in securing supply chains for all its key allies to reduce dependence on China. Canada currently produces several critical metals including nickel, copper, and cobalt.
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