Transitioning Canada's economy to renewable energy will require huge amounts of critical mineralsThe government says graphite is a critical mineral needed to reach net zero but locals in the Outaouais region of Quebec are opposed to a proposed graphite mine in their backyard It's found in pencil leads, and also in vast quantities under the lakes and forest outside one small western Quebec town.
Duhamel, Que., Mayor David Pharand, the spokesperson for an alliance opposing the Lomiko Metals Inc. graphite mine, says the desire to mine near their town is not driven by environmental reasons but because they're close to major urban centres like Montreal. Depending on how different technologies develop, the overall mineral demand from clean energy technologies could quadruple by 2040, according to the International Energy Agency, with demand for minerals used in batteries and EVs growing by up to 30 times.
"Our research finds that the Canadian mining sector requires $30 billion in new capital investments to keep up with demand in the clean energy transition." Last week, Umicore announced it was delaying construction on its $2.76-billion battery materials plant in eastern Ontario following a "significant worsening" of the market's outlook.The uncertainty around the EV market helps explain why Duhamel residents aren't yet convinced of the imperative for a mine in their backyard.