Most Canadians oppose foreign ownership of critical mineral projects
While most Canadians support developing the country’s critical minerals, they don’t want to see it done by foreign companies, according to a new survey by the Angus Reid Institute.
While most Canadians support developing the country’s critical minerals, they don’t want to see it done by foreign companies, according to a new survey by the Angus Reid Institute.
Nearly 60 per cent of respondents said they considered losing sovereignty over such resources to be a larger threat to Canada than “missing out on development and jobs because of a lack of investment.”
Meanwhile, a cohort of 29 per cent said the latter is the bigger threat.
“Three-in-five (60 per cent) Canadians believe Canada should limit foreign investment; one-quarter (25 per cent) would welcome it, in general. But even among those who welcome foreign ownership only one-third (35 per cent) say they would do so without restricting what resources are available for investment,” reads the study.
“There are also many countries Canadians would ban from ownership in critical resources outright. The top of the list are countries already under various levels of global embargoes – Russia (69 per cent would restrict ownership), North Korea (67 per cent) and Iran (60 per cent), as well as China (59 per cent), where investment has been discouraged by Ottawa in key areas for a number of years.”
Over a third of Canadians would also “bar the U.S. from investing in critical resources in Canada” at 37 per cent, even as the trade war persists between the two countries.
However, 66 per cent of Canadians said they would “prioritize lowering tariffs and guaranteeing value-added jobs (64 per cent) in exchange for U.S. access to critical minerals.”
Regarding how these projects should be funded, Canadians are divided. A third of respondents said it should be by public-private partnerships, while one-quarter said the government should only encourage investment through tax breaks or grants.
One in five said that critical resource developments should be entirely funded by federal and provincial governments.
Five of the 11 nation-building projects announced by Prime Minister Mark Carney for fast-tracking include critical minerals, such as nickel, graphite, and copper.
If approved by the Major Projects Office, the projects would be funded by both public and private dollars, with the majority coming from the private sector
According to the survey, 27 per cent of Canadians would ban foreign ownership of oil and gas resources, while 25 per cent said the same for uranium, and 20 per cent for potash.
“Viewing respondents’ answers by region reveals a lack of awareness of regional industries,” noted the survey.
“Nearly everybody (99 per cent) in Saskatchewan describes Canada as a ‘major producer’ of potash; half (50 per cent) in Quebec say the same. Conversely, awareness of Canada’s high volume of aluminum exports is lower outside of Quebec, where 83 per cent describe Canada as a ‘major producer.’”
Remember Canada.
You currently have a PM who was head of a company that loves China big time and has billions invested there and who to this day likely has huge amounts of his income derived from that company but Canadians have no real clue what, where and how much is involved.
What one can be relatively assured of is that as long as those foreign ownership benefit Brookfield, China and some well connected Liberals there will be little to no problem with them.
It's the way Canada's PM and the Liberals roll with but one seat shy of a full majority and should that happen (which perhaps would regardless, make no difference at this point) they will care about Canadians think even less than they do now.
This article illustrates the profound ignorance of the Canadian public of the economics of a resource based economy. A company that produces copper must go where the copper occurs and apply their expertise to produce it at a profit. The copper then flows to countries with the expertise and regulatory environment that allows it be manufactured into its various applications from electricity to alloys, also at a profit.
Canadians who want to confine resource ownership and development to Canada would turn it into a cottage industry, which it was in the Middle Ages.