Frank Mariage Partner FASKEN
How has business been for Fasken in the past year?
Fasken has been the fastest-growing law firm in Canada since the pandemic. One of our best calling cards remains mining. We also want to ensure that we can accompany our clients with mine development, not just M&A transactions. We continue to assist several lithium developers and producers with the development of their mines in the province and we recently accompanied an OEM – Panasonic – in their investment in Nouveau Monde Graphite. How has the industry adapted to the growing presence of ASX-listed firms in Québec?
There are positive aspects of having ASX-listed firms in Canada. Australians are helping Québec capitalize on its lithium potential. This could be the beginning of something very important and Australians are intelligent enough to surround themselves with locals who know how to operate in Québec. Is Québec still a regulatory Eldorado for foreign investment?
The regulatory process is a challenge in every single mature mining jurisdiction. We need to get our act together to reduce delays from a permitting perspective. It cannot take 15 years to permit a mine. Eventually, we will have to make some tough decisions if we want the energy transition to happen.
The Federal Government says that it wants to help build critical mineral projects, and at the same time hikes the capital gains tax. For an industry that is highly dependent on risk capital, this will hurt both the access to capital and the willingness to take risks. Will the high gold price incentivize more deal-making?
Eventually, but we are not seeing enough of it right now. What are the priorities ahead for Fasken?
We want to further develop our already seasoned legal expertise on the environmental and community engagement side.
Maxime Guilbault Québec Mining and Metals Leader PWC CANADA
Can you introduce PwC Canada’s presence within the Québec mining industry?
PwC Canada has a strong presence in Québec across the mining sector, offering audit, taxation, valuation, and consulting services amongst others. We serve clients of all sizes, in grassroots exploration, development, construction, and operations, to closure. Have Québec-based projects reaching the feasibility stage affected your mining-related work recently?
Many projects are at an advanced stage, where companies are now focusing on adding value or advancing through the permitting process. There is still significant exploration potential, especially in critical minerals. We assist clients in navigating these critical stages and addressing challenges. Despite market downturns, are there still rapid movements in the lithium space?
The lithium market remains dynamic, influenced by factors like EV adoption and supply dynamics. We have observed continued activity in the lithium space. What are the main challenges facing your mining clients today?
Infrastructure limitations, access to capital for exploration and development of projects, maintaining good community relations, meeting ESG criteria/expectations of stakeholders, cybersecurity risks, and managing market volatility. Have you seen a change in the importance of community relations and diversity to attract investment?
Absolutely. Community relations and diversity have become increasingly important for attracting investment in the mining industry. What is Québec's competitive advantage in attracting mining investment?
In addition to having mineral potential, Québec provides a stable environment with infrastructures that are expected to be expanded in the next few years. The industry receives considerable government support and institutional investors such as Investissement Québec, CDPQ, Fonds de Solidarité FTQ, take a collaborative approach.