Finance Minister Francois-Philippe Champagne says his goal is to help Canada become NATO's partner of choice when it comes to supplying critical minerals as defense becomes a priority for many countries.
Recycling is “the name of the game” and Canada can do better than just send these in-demand materials south in unprocessed form, Champagne told a business audience in Calgary on Monday, nearly a week after he presented the latest federal budget.
“Exploration, production is something. But we need processing. That's the key,” he said. Minerals such as titanium, used to make submarines, are critical to defense initiatives, he said.
The budget released last Tuesday outlined a plan to create a $2 billion critical minerals sovereign fund over five years for equity investments, loan guarantees and purchase agreements.
Critical minerals are becoming “crucial” to countries' competitiveness, Champagne said.
“If we had left it entirely to the market, I’m not sure we would have made it to that point.”
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On the energy front, Champagne said “mentalities are changing” regarding developing oil and gas resources and getting them to market.
“The fact that the prime minister has changed the tone of the conversation about an energy superpower in both clean and conventional energy, I think has really changed the way people perceive these things,” Champagne said.
“Today they understand the connection between economic security, energy security and national security.”
He said Canada needs to “come together” to ensure regulations don't hold back such projects, and that much more work needs to be done to improve its productivity.
“I think we’ve corrected course now,” Champagne said. “I think people have new confidence that this is a serious government that wants to do serious things, that is serious about economic growth and investment.”
Deborah Yedlin, president and CEO of the Calgary Chamber of Commerce, said there are some encouraging elements in the budget, such as a signal that the cap on industrial carbon emissions will be scrapped.
But she said questions remain.
“It’s one thing to say we’re looking at ways to increase investment, but we really need to address regulatory issues,” she said.
“I think the energy sector is being encouraged. We have a prime minister, we have a finance minister who talks about Canada being an energy superpower. We haven't had that kind of rhetoric in Canada for a long time.”
This report by The Canadian Press was first published Nov. 10, 2025.
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