Ehren Cory : 1. Critical minerals have moved from ‘nice‑to‑have’ to ‘strategic imperative’ for clean tech and national security. What’s Canada’s biggest competitive advantage right now—and the single biggest risk to losing it?
Pierre Gratton : Canada’s greatest advantage is its scale, quality and diversity of critical‑mineral resources, combined with deep mining expertise. The country hosts significant deposits of nickel, copper, cobalt, lithium, graphite, rare earth elements, platinum‑group metals and uranium across multiple provinces and territories. This geographic and mineral diversity reduces single‑point supply risk and strengthens supply‑chain resilience.
Canada also leads globally in mining knowledge—from exploration and geoscience to mine engineering and environmental and social performance. Decades of experience, reinforced by standards such as Towards Sustainable Mining, allow projects to be developed efficiently and responsibly.
A stable legal and investment environment further strengthens Canada’s position. The Toronto Stock Exchange and TSX Venture are the world’s largest centres for mining finance, listing about 40% of publicly traded mining companies and raising $43 billion in equity over the past five years.
The main vulnerability is the challenge of scaling domestic midstream and downstream capacity, including processing, refining and battery‑grade materials, at a pace that matches global demand. Structural factors such as approval timelines, financing constraints and competitive international supply chains add complexity. Closing this gap will require clarity and consistency across regulatory frameworks, mechanisms that support long‑term investment, and collaboration with Indigenous partners and international allies.
EC: 2. What are the top two bottlenecks holding back new critical‑mineral supply in Canada, and what changes would matter most in the next 12–24 months?
PG: Permitting and enabling infrastructure are the two largest bottlenecks.
Permitting remains complex and multi‑jurisdictional, with timelines shaped by overlapping federal and provincial processes. Limited coordination and inconsistent recognition of provincial reviews increase uncertainty and cost.
The enabling infrastructure is often not in place to support projects. Many deposits are remote and require new or upgraded energy grid connections or dependable onsite generation. Without predictable, cost‑competitive power, projects cannot advance even if permits and capital exist. Long distances from suppliers and markets, and the lack of roads, rail and ports, further constrain construction and operations.
The federal government and many provinces and territories have taken steps to address these challenges and must continue to do so through system‑wide process improvements, better coordination with provinces and territories to reduce duplication, improved alignment within the federal government between assessments and approvals, and targeted technical updates to legislation.
EC: 3. Where are the most urgent infrastructure gaps, and how should projects be prioritized to unlock multiple deposits while benefiting communities?
PG : Infrastructure often determines whether a discovered deposit becomes a mine, particularly in the North. Mining Association of Canada research shows it costs two to two‑and‑a‑half times more to build a mine in northern regions, with roughly 70% of the cost premium linked to inadequate infrastructure.
Roads, transmission, ports and rail are essential—especially in Nunavut, Nunavik, the Labrador Trough and Hudson Bay—where bulk commodities depend on reliable, year‑round transport.
Projects should prioritize multi‑user infrastructure delivered through public‑private partnerships, early government risk‑taking to crowd in private capital, and Indigenous equity, revenue‑sharing, training and local‑hire commitments.
EC: 4. Where can the Canada Infrastructure Bank have the greatest impact in accelerating development and supporting Indigenous participation?
PG : The CIB can accelerate development by co‑investing in enabling infrastructure that connects mines to power and transportation networks. Its long‑tenor, project‑finance structures can spread risk across regions and users, as demonstrated by support for the Strange Lake rare earths project. Revenue‑de‑risking tools are most effective when paired with long‑term offtake agreements, equity participation and streamlined regulation.