To diminish red tape, Canada’s Natural Resources Minister Jonathan Wilkinson wants the country’s most significant minerals projects built in a decade.
“We need to get to the point where we can get these mines from concept to production certainly within a decade, and ideally less than that,” Wilkinson stated in a phone interview shortly after his office released a critical minerals strategy dedicated to reviewing Canada’s approval procedure for mine development.
Today I launched Canada's first Critical Minerals Strategy.
Government estimates indicate it can take up to 25 years for a mining project to reach production. According to Wilkinson, policy recommendations will be prepared to streamline this process over the next 12 months.
The period required to establish a functioning mine has been a concern for mining corporations worldwide as prolonged clearance procedures result in increased expenses and investment risks. To support the sector, Teck Resources CEO Jonathan Price suggested that the Canadian government could, for instance, create an approval procedure that assures projects are completed in a reasonable timeframe.
“If we are going to bring supply online at the pace that the world needs to electrify, we need to shorten those timelines,” said Price. “Getting the approvals pathway right is very important, but we have to look for opportunities to accelerate so we can bring new production to market more quickly.”
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