The federal government is considering taking equity stakes and advancing loans to Canadian critical minerals companies, as it mulls following Quebec’s lead in moving to a much more active role in Canada’s industrial policy.
The federal government’s move would also mirror what Quebec has already been doing since 2011 through its ambitious Plan Nord natural resources development strategy. In 2014, Quebec invested $222-million in debt and equity for the construction of Stornoway Diamond Corp.’s Renard mine in the James Bay region. Renard was the first diamond mine in Quebec.
The pivot in the federal government’s strategy to take a more active role in industrial policy has been heavily influenced by deputy finance minister Michael Sabia. Before joining government, Mr. Sabia had a long career in business, including stints as chief executive officer of BCE Inc., chief financial officer of Canadian National Railway Co.
Sad for China and JT. They gotta lay low for awhile, slow under the table deals. 👁👁 👀