Canada’s production of nickel and copper has declined for four consecutive years, raising concerns as the country aims to aggressively boost critical mineral output to support its electric vehicle battery industry. Yet despite government goals to massively increase mining by 2035, S&P Global Market Intelligence found that mineral exploration budgets dropped by 9% last year.
Challenges include long timelines for mine development (18 years, above the global average) as well as global competition, particularly from Chinese-owned nickel companies. Industry leaders suggest streamlining the permitting process and aligning policies with U.S. incentives to overcome hurdles.
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