Abstract:

Background:

In recent years, the demand for critical minerals has increased significantly, and is ever-accelerating due to macro-level factors like consumer-driven creature comforts (e.g. electric vehicles, smartphones, other electronic devices), to climate change, to energy management, and even political policy. However, the global supply of critical minerals is limited, and many of these minerals are concentrated in a few countries, creating geopolitical and economic risks. Globally, the critical minerals market presents a tremendous opportunity if Canada can tackle existing barriers expeditiously and set into place an attractive environment for increased investment. However, policy-makers are challenged with ensuring that efforts to capitalize on opportunities and constructing value chains that can be sustained in the long-term are balanced by measures designed to safeguard assets from foreign acquisition while ensuring long-term sustainability of these value chains on Canadian people and the planet.

Challenge:

As Canada seeks to navigate strained geopolitical tensions, rising inflation, and fierce international competition for investment, policy makers are tackling a parallel challenge to unlock economic growth while developing and reinforcing Canada’s critical minerals capacity. The current challenges in the critical minerals industry include the lack of investment in exploration and mining, limited processing capacity, and the environmental impact of mining and processing these minerals. In addition, the lack of transparency in the supply chain and the potential for human rights abuses in mining operations are also major concerns. There are additional shifts observed supply ecosystem observed, companies want to be close to the material source and OEM to ensure safety of supply and better visibility which is demanding more clustered than scattered supply chains. These challenges impose additional strain which is further intensified with high forecasted demand which have led to a situation where the supply of critical minerals is uncertain, which could lead to price spikes and supply disruptions.

Discussion/Dialogue:

The solution to these challenges requires a comprehensive approach that includes investment in exploration and mining, the development of new processing technologies, rethinking the supply chain eco-system and the promotion of sustainable and ethical mining practices. Governments, industry, and civil society must work together to ensure that the supply of critical minerals is secure and sustainable. This will require increased transparency in the supply chain, the promotion of responsible mining practices, and the development of new technologies that reduce the environmental impact of mining and processing critical minerals.

Our CIM conference presentation will focus on discussing how establishing robust Critical Minerals Supply Chains has the potential to be both a mechanism for attracting foreign investment and a major driver of economic growth and stability for the Canadian economy – namely:

Development of ecosystems,
Impacts in stimulating long-term, sustainable economic growth, and
What it means to ensure long-term security of supply of critical minerals

Presenter

Darren Plested - Partner, Deloitte
Supply Chain & Network Operations
Canadian Leader of Automotive and Mobility Practice
Canadian Leader of EV Value Chain

Preferred Format

1. Panelist Discussion
2. Fireside Chat

Menu

Mr. Darren Plested

Biography