Canada’s Minister states that Five Eyes nations are collaborating to combat critical minerals dumping

Canada and its Five Eyes Alliance partners are joining forces to combat the dumping of critical minerals in the international market, according to Canada’s Finance Minister Chrystia Freeland. The Five Eyes intelligence sharing network, which includes the U.S., Britain, Australia, and New Zealand, met last week to discuss strategies to address the price manipulation of essential metals.

Freeland emphasized the need for these countries to “friendshore” their critical minerals supply chain to counter the intentional flooding of the market by countries like China and Indonesia. The World Economic Forum defines ‘friendshoring’ as a trade practice that focuses on allies in political and economic terms.

Canada has identified 31 metals as critical minerals crucial for future energy and technology transitions. Freeland highlighted concerns that nickel and other rare earth minerals are being dumped in the market to undermine Canadian and allied companies. She stressed the importance of economic security as a component of national security.

In response to these challenges, Canada has introduced investment tax credits in its recent budget to attract global car manufacturers like Honda to invest in the critical metal and electric vehicle supply chain. This initiative aims to encourage investments in clean energy and counteract the anti-competitive practice of dumping.

Freeland’s remarks at the First Nations Major Projects Coalition conference in Toronto underscored the urgency of collective action to protect the interests of Canada and its allies in the face of global economic challenges.