FOR IMMEDIATE RELEASE 

HALIFAX (August 31, 2023) – The mining industry is expected to grow globally over the next decade as critical minerals are needed in green and modern technologies. This Industry Watch by the Atlantic Economic Council explains why we need critical minerals, the potential for growth in Atlantic Canada and what is needed to realize this potential.

Global production of critical minerals needs to increase six times its current level by 2040 to help countries hit the goal of net-zero emissions by 2050, according to the International Energy Agency. The growth opportunity is aided by the desire of western countries to reduce their reliance on China for these minerals. The net-zero transition will be delayed without new sources of supply of critical minerals.

“The Atlantic Economic Council has identified 17 critical mineral projects that could lead to several billion dollars of construction activity and thousands of jobs in the Atlantic region, especially in rural areas,” says Patrick Brannon, Senior Researcher with the Council. “There are many other critical mineral deposits with potential in Atlantic Canada.” 

Critical mineral production in Atlantic Canada is currently focused on Newfoundland and Labrador. However, there are opportunities for growth in Nova Scotia and New Brunswick. “Atlantic Canada needs to move quickly to leverage economic opportunities in critical minerals as the region is competing against other provinces and countries for investment,” says Brannon. “Timely, clear and robust regulatory processes are essential.”

Collaboration is needed at the federal and provincial level to ensure a clear and consistent framework for mining projects, to accelerate the regulatory process. The impact on the environment needs to be minimized and Indigenous and community consultations should happen early and throughout the process.