Despite challenging capital markets for mining companies, the PDAC conference saw relative enthusiasm and optimism amongst its attendees. One area of particular focus for governments remains efforts to encourage investment in critical minerals as a key to strategic and green priorities. While this doesn't help the precious metals space, it does provide some encouragement for the sector more broadly. The announcement of collaboration between
Impacts of
The collaboration between
Announced during the annual
Through this partnership,
The key elements of this stated policy are as follows:
Domestic Impacts:
- Business Opportunities: The joint efforts of
- Research and Development (R&D) Initiatives: The collaboration aims to foster R&D initiatives with a focus on opportunities for improving extraction, processing, and refining technologies to drive efficiencies and innovation within the sector.
- Trade and Investment: The partnership's focus will be to support bilateral trade and investment within the mining and service sectors. By aligning their efforts,
Canada andAustralia are aiming to attract more investment and facilitate smoother trade relations, bolstering economic growth in both countries. - Transparency and ESG Standards: The collaboration looks to promote transparency in the critical minerals supply chain and emphasize ESG credentials. This commitment to sustainability objectives is anticipated to align with public sector mandated global standards and expectations, with a belief that such standards might enhance the reputation of domestic businesses in the international market.
- Market Competitiveness: By coordinating their policies and investments objectives,
Canada andAustralia aim to regulate towards shared best-in-class standards to create a more conducive environment for businesses to thrive. If successful, this might enhance the competitiveness of domestic businesses in the global market, with a hope that it will assist in positioning them as preferred suppliers of critical minerals. - Global Supply Chain Stability: The desire of these two governments is to collaborate, as two major suppliers of critical minerals, and ultimately contribute to the stability of the global supply chain. By working together,
Canada andAustralia have designs on mitigating supply chain disruptions and ensuring a reliable flow of critical minerals to meet global demand and allow allies to take advantage of opportunities for "friend-shoring". - Diplomatic Relations: The partnership demonstrates strengthening diplomatic relations between
Canada andAustralia following an unusual period of these two long-time allies seeming to be misaligned on policy initiatives. Many aspire that this will be a first step towards further collaboration in other sectors.
Foreign Impacts:
- Investment Attraction: The partnership between
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