Canada concerned about critical metals market manipulation, minister says
By Divya Rajagopal
TORONTO (Reuters) -Canada is concerned about market manipulation and dumping in key metals used in electric vehicle batteries, a federal Canadian minister told Reuters, adding the country wants to explore a U.S.-mooted alternative pricing model.
Canada, along with Australia and the U.S., is looking to develop its critical mineral supply chain to break the monopoly of China which controls over 90% of key metals that are crucial for energy transition.
«There will be significant incremental demand for critical minerals going forward, but we do have some challenges right now with prices and clearly we are concerned about issues relating to market manipulation and dumping,» Energy and Natural Resources Minister Jonathan Wilkinson said this week, adding the concerns are shared by many democratic countries.
Dumping refers to an anti-competitive trade practice when a country exports certain products at a price lower than what is sold in its home country.
The minister said the topic will be discussed during the annual Prospectors and Developers Association of Canada (PDAC) conference in Toronto, one of the world's largest gatherings of mining companies and their financiers, that starts on Sunday.
Wilkinson said there is still some way to go before Canada and its allies solve the issue of dumping, but one of the ideas being discussed is the concept of an alternative pricing mechanism.
The U.S. Department of Defense plans to develop a program to estimate prices and predict supplies of critical minerals to boost market transparency.
Wilkinson said Canada does not want to be in a position like Germany which was reliant on Russia for cheap natural gas.
«We need to find pathways through which we are developing
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