Ministerial Statement on Net Benefit Reviews of Canadian Critical Minerals Companies

July 4, 2024 – Ottawa, Ontario 

There is a need for greater clarity about the Government of Canada’s views with respect to foreign capital in the Canadian mining sector, particularly when it comes to large Canadian-headquartered firms engaged in critical minerals operations.

Foreign capital will continue to play an important role in our industry. However, Canadians cannot ignore that we are in a world of geopolitical competition, with critical minerals at the very core of advanced industrial and defence policies. Canada welcomes foreign investment and recognizes how important it is, particularly for small Canadian firms to advance exploration and site development efforts. In this light, the Government must balance protecting Canada’s strategic interests while supporting the development of Canada’s resources. We have already recognized this in regard to the national security considerations set out in our recent update to the Canadian Critical Minerals Policy.

Today, as the Minister responsible for the Investment Canada Act, I am building further on these efforts with a clear signal about how Net Benefit reviews under the legislation will be conducted when it comes to important Canadian mining companies engaged in significant critical minerals operations. Henceforth, such transactions will only be found of net benefit in the most exceptional of circumstances. This high bar is reflective of the strategic importance of Canada’s critical minerals sector and how important it is that we take decisive action to protect it.