Carney gov backs Trump admin’s stakes in Canadian mining firms
The Carney government appears to support the Trump administration’s investment in several Vancouver-based mining companies, despite its ‘elbows up’ messaging.
The Carney government appears to support the Trump administration’s investment in several Vancouver-based mining companies, despite its ‘elbows up’ messaging.
Last week, the Trump Administration announced it would take a 10 per cent stake in Trilogy Metals Inc. The decision is part of a $35.6 million investment to boost critical minerals projects in Alaska.
Additionally, the U.S. government acquired an interest in Lithium Americas Corp., which is developing the Thacker Pass lithium project in Nevada.
Energy Minister Tim Hodgson was asked Thursday whether this was a national security concern for the Liberals, given that Trump has repeatedly discussed annexing Canada and making it the 51st state.
However, Hodgson said it was “up to them,” referring to the U.S. government, and called the decision “capitalism in action.”
He added that the U.S. stakes are “small minority investments” in Canadian firms and that their projects are located in America.
“The fact that an ally of ours chooses to make an equity investment into a Canadian company whose sole asset is in the United States, I don’t think that bothers us at this time,” said Hodgson.
“Our two countries have been allies for many, many, many years. We have had our differences of opinions at various points in time. We’ve had our trade frictions at various points in time. We are very hopeful that we can get through this difficult time and we can resume the type of relationship that we’ve had with the Americans for a long, long time.”
This marks a dramatic shift in tone from the Carney government. Prime Minister Mark Carney repeatedly warned voters on the campaign trail that U.S. President Donald Trump intended to “break” Canada so he could “own” the country.
However, Carney immediately softened his approach to Trump after being elected, removing nearly all retaliatory tariffs against the U.S.
Meanwhile, Trump said there was “natural conflict” between Canada and the U.S. earlier this month before his second meeting with Carney.
The Prime Minister’s Office did not respond to True North’s request for comment.
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Why rage against Trump about Canadian mining companies that own mines in other countries like the USA for example? Why not bar the Canadian companies from having foreign investors? Seize the financial assets of Freedom Convoy truckers and their supporters and invest that Canadian money in these Canadian mining companies too! (tongue firmly implanted in cheek). Offer more potential mining sites in Canada if the First Nations, Quebec and BC are OK with it. Carney's nation building is similar to a two year old's Lego constructs, an incomprehensible model of something unidentifiable. Carney should stop trying to suck and blow at the same time
Maybe US involvement will speed up the time it takes to develop any mine in Canada, which is currently about a decade. Heck, it would only take a year in the 51st state.