Strengthening Canada’s Future: Mining for Economic Resilience and the Energy Transition

As part of Canada’s Climate Week, Millani and the Mining Association of Canda recently hosted a discussion on Strengthening Canada’s Future: Mining for Economic Resilience and the Energy Transition, and the conversation made it clear that the sector is at a critical turning point. Market conditions, geopolitical shifts, and evolving expectations around partnership are reshaping how Canada must think about its role in the global mining landscape.

One of the most notable trends discussed was current market strength. Publicly listed mining companies are up roughly 60% on average year to date, and the sector has reached a record $1 trillion market cap. Financing activity has accelerated, jumping from about a $1 billion a month to $4 billion in the most recent month. Merger and acquisition activity is on the rising, and more companies are exploring dual listings, including on the ASX. In addition, we heard that there increased foreign government interest in the sector reflecting how essential critical minerals have become to national and economic security. 

Geopolitics are adding significant pressure. Supply chains for many critical minerals remain highly concentrated, with much of the processing taking place in China. Market dynamics in regions such as Indonesia are contributing to volatility and making it more difficult for other producers to compete, which has intensified the global focus on securing stable and diversified sources of supply. Broader geopolitical tensions, including those involving Russia, are further elevating supply chain resilience as a priority. 

Within this shifting landscape, Canada has a clear opportunity. Two of the world’s top four nickel deposits are located here, positioning the country as an increasingly important supplier for allies, including NATO. With supply and price pressures in other regions disrupting production, Canada’s importance has only increased. Coupled with strong ESG performance, a capable workforce, and access to clean energy, Canada has tangible advantages. At the same time, there remains the gap of investors seeking de-risked projects before committing capital, which impacts the pace and speed the industry can move from discovery to production. 

A key theme throughout the discussion was the essential role of Indigenous partnership. Meaningful engagement, recognition of rights, and shared economic participation were highlighted as critical foundations for responsible development. There are currently 19 active projects that include Indigenous involvement, ranging from equity participation to impact benefit agreements and infrastructure partnerships. Growing interest in loan guarantee mechanisms is helping support this involvement, although access to capital remains a challenge. It was also noted that long-term participation depends on addressing foundational needs, such as access to clean drinking water, in many communities. 

Finally, there is growing momentum behind policy innovation and international collaboration. New approaches such as sovereign funds, strategic stockpiling, and targeted procurement are being explored and secured. Partnerships with countries like the United Kingdom are strengthening around technology, recycling, and midstream solutions. At the same time, streamlining permitting and improving coordination between industry and government are seen as essential to ensuring Canada remains competitive in attracting global capital. 

There is much to be considered as we move along the path towards decarbonization and a transition to a lower carbon economy and it's clear that Canada and its mining sector have much to offer to the world as we live though a climate of change.