What mining trends have you noticed so far in 2023?

The traditional mining sector is moving forward at a normal pace, but we have seen a boom in the battery materials and rare earth sectors, and everything related to critical minerals is moving rapidly. There are serious exploration projects on the map and many projects are moving quite fast with financing, environmental improvement, etc. We are seeing the shift of the economy away from a traditional mining sector to a more critical minerals mining sector, and copper is currently one of the top minerals for the new economy, as it was for the industrial economy. Ressources Québec currently has more focus on the critical mineral space, but we are not leaving aside the traditional mining sector. For example, under Ressources Québec, we have SOQUEM, which historically has been focused on traditional mining such as gold and copper, and discovered six major mines.

Are you seeing increasing interest in Québec from foreign companies?

We are seeing increasingly more foreign companies move into Québec, with many doing so with local partners such as Osisko. Due to geopolitical reasons such as the Russia-Ukraine conflict and political turmoil with China, local and foreign companies are looking towards securing a supply chain in North America, and Québec is one of the top mining jurisdictions in the world. Québec has always been a close friend, ally and partner of the USA. Canada is also able to deliver cleaner products as we can make clean batteries with clean energy.

How is Ressources Québec incentivizing and contributing to the new economic era of critical minerals that we are seeing in Québec?

Ressources Québec has a central role to play from an industrial policy point of view on the critical minerals, the battery strategy, and on new green energy.

We are in the middle of all these discussions and are the catalysts between private interests, the state public policy, and different investors. Not only do we play a role in putting in place the industrial policy for critical mineral projects, but we also have the capacity to finance them in order to accelerate the de-risking and advancement of these projects. We understand that financing is critical, but good policy and regulation will help projects move more rapidly, whereafter it will be easier to get the financing.

Will Québec want to compete with Ontario as a hub for foreign investment?

Québec is growing as a mining investment hub, but rather than competing with Ontario, it is more of a complementary partnership between neighbors to attract foreign investment. There is complementarity between our different economic sectors; for example, looking at the automotive industry, Ontario has large OEMs that can source their materials for battery manufacturing from Québec. Significant investment is going into Québec not only due to the province’s great mineral endowment but also the availability of clean energy through hydropower and clear policies from the government. We are proud of what we are doing at the battery level and Québec is being positioned in the battery field as one of the major hubs of the new economy of electrical vehicles.

How important is Québec for the success of the green transition worldwide?

The role of Québec will be extremely important in the energy transition as a major supplier of critical minerals to the North American vehicle industry. In terms of production capacity, it is forecasted that by 2030, 20 to 40% of EVs produced in North America will have a piece provided by Québec, based on the 2019 production capacity. The province is extremely well-positioned to make a significant contribution to the green transition.

What will be Ressources Québec’s priorities in 2023 and moving into 2024?

Ressources Québec will remain focused on executing our mission of being a gateway for companies seeking to invest in Québec’s energy and natural resources sectors. We will continue to support companies at every stage of their natural resource exploration, development, and processing projects. We also will continue to work and deliver on the battery strategy, the critical mineral strategy, and green energy. Ultimately, Ressources Québec will continue to be the center of excellence for political decision makers of Québec when it relates to industrial policy in the natural resources and energy sector.