Canadian finance minister says critical minerals ‘name of the game,’ mentalities changing around oil and gas

Canada’s Minister of Finance said in Calgary that his goal is to help make Canada the NATO partner of choice when it comes to supplying critical minerals. 

François-Philippe Champagne says refining is the “name of the game” and Canada can do better than just shipping those high-demand materials south in their raw form. 

Champagne made his remarks during an armchair discussion with a Calgary business audience, hosted by the Calgary Chamber of Commerce and president Deborah Yedlin, while discussing last week’s federal budget.

The budget outlines a plan for a $2-billion “critical minerals sovereign fund” over five years for equity investments, loan guarantees and offtake agreements. 

On energy, Champagne says “mentalities are changing” around developing oil and gas resources and ensuring they can get to market. 

He says Canada needs to “get its act together” on ensuring regulations don’t hold such projects back, but that there is a new confidence that the government wants to do “serious things.” 

Prime Minister Mark Carney’s first federal budget was tabled on Nov. 4, projecting a $78.3-billion deficit for the current fiscal year, nearly double what the Liberals forecast a year ago.

The plan has survived two confidence votes amidst chaos prompted by the floor crossing of a Conservative MP to the Liberals and the resignation of an Alberta Conservative MP.

The steep spending has drawn sharp criticism and cautious optimism across Alberta.

New Calgary Mayor Jeromy Farkas said last week he was cautiously optimistic about the new budget, highlighting the commitment made to spend on local infrastructure.

With files from The Canadian Press