Teck Resources Ltd. CEO Jonathan Price has raised concerns about China’s dominance in the critical minerals sector, emphasizing the urgent need for North America to ramp up investments to catch up. Speaking at an event hosted by the Business Council of Canada and the American Chamber of Commerce in Canada in Ottawa, Price highlighted that China controls between 40% and over 90% of global processing capacity for various critical minerals, including copper and cobalt. He stressed that diversifying supply chains is crucial for both economic stability and national security.
Canada is estimated to host 34 critical minerals and metals, such as copper, nickel, cobalt and lithium, which are essential for a range of products from cellphones to clean energy and defense technologies. The demand for these minerals has surged in recent years.
According to the International Energy Agency (IEA), global investment in mining could exceed $1 trillion by 2040 to meet net-zero and energy security goals. However, Price noted significant challenges to growth, particularly the regulatory processes that deter investment in mining in both Canada and the U.S.
Teck, based in Vancouver, recently sold its steelmaking coal business to Swiss firm Glencore and operates several mines in North America, including the world’s largest zinc mine, Red Dog, and Canada’s largest copper mine, Highland Valley Copper.
While Canada and Australia are leading in mineral exploration investment, Price pointed out that China invested $20 billion in mining and minerals in 2023 alone, primarily to secure critical minerals globally. Canada is exploring the implementation of tariffs on select critical mineral imports from China and has already imposed a 25% tariff on Chinese aluminum and steel imports.
U.S. Ambassador to Canada David Cohen echoed Price’s sentiments, stating that breaking China’s control over mining, processing, and refining requires strong private sector investment rather than relying solely on government intervention. He also identified jurisdictional conflicts between provinces and the federal government as a significant hurdle to mining investment in Canada.
Both Cohen and Price agreed on the necessity of streamlining the permitting process and enhancing regulatory alignment between the U.S. and Canada for mining development. Price stressed that while efficiency is essential, it must not come at the expense of social and environmental standards that foster community partnerships and support industry growth.
