What are the latest highlights from Investissement Québec?

On a macroeconomic level, we can clearly see a slowdown in North America. But, we are willing to continue investing in mining projects, infrastructure, and capacity, even though commodity prices have fallen recently. Investors are maintaining their positions, and there have been no cancellations of exploration or mine construction phases.

Our first role is industrial policy: to help the Québec government implement its mining policy through a coherent industrial approach, linked to the various players in the ecosystem. The second role is to use financing - both debt and equity - to de-risk mining projects. This is the beauty of Ressources Québec: the coherence between public policy, industrial policy, and financing. How are allied states responding to the current geopolitical environment?

Geopolitics are crucial. We are in an era in which geopolitics are being rediscovered: Tensions in Ukraine, the Middle East, and Taiwan remind us of the importance of having allies and secure supply chains. In this sense, critical and strategic minerals are “hot”, even if gold projects continue to make headway. Our Nato allies are coming to us for their CSM needs, and Québec has a crucial role to play on the global scene.

There's no political risk in Québec: the government parties are not anti-mining. It is centered, consensual, and appealing, especially in the current geopolitical context. For example, in November 2023, France and Québec signed an agreement on strategic minerals. China holds almost 80% of these CSM segments, so we're trying to break out of this circle of dependence. What is the strategy to integrate the value chain in Québec?

The will is clear and precise: The industrial policy is to process locally and seek added value in Québec. This even makes sense ecologically: exporting tons of spodumene or lithium hydroxide to be processed in China makes less sense than producing cathodes with Northvolt, for example. We are looking for maximum integration in Québec. How does the industry perceive the increase in ASX-listed companies in Québec?

Australian companies are very well regarded in Québec. It is also a mining country, with a mining culture similar to ours. There is this cultural and administrative convergence. The social contract is similar, as is the importance of ESG standards and good relations with the First Nations. We cannot do everything on our own. We must work with our international partners: We did not know how to refine lithium before these partnerships. By working together, we can increase our chances in the global market. What are the current challenges and opportunities for the mining industry in Québec?

We are a particularly favorable jurisdiction for mineral exploration, ranked 5th in the world by the Fraser Institute. We have private and public mining expertise, geological expertise, and a state that has the knowledge to make the framework advantageous. People know the industry here, particularly in Abitibi and the North Shore. Most people work – or know someone who works – in the mining industry.

The basis is the Québec social contract. If tomorrow we find a major deposit close to a municipality that refuses exploration, there won't be a mine. ESG criteria have been embedded in all Québec projects for decades. The image of the mine is also beginning to change. What are the current priorities for Investissement Québec?

We must execute. Operational excellence is fundamental: we cannot fail to implement the battery strategy. We must provide the best regulatory and political framework so that the various companies can unleash Québec's mining potential.