Beneath Canada’s unspoiled forests and untouched wilderness, there’s a treasure trove of cobalt, nickel, and platinum, as per a Wall Street Journal report. This revelation has sparked a contentious debate among eco-advocates, who view these metals as essential for advancing eco-friendly technologies like electric vehicle batteries.
The catch? Accessing these resources would mean disrupting vast swathes of forests and developing the pristine wilderness they lie beneath. The “Ring of Fire,” situated about 700 miles northwest of Toronto, holds these precious metals, estimated to exceed the size of Rhode Island. The discovery has triggered a rush of mining claims.
However, the location of this deposit is a cause for concern. It’s nestled within largely untouched forests, peat bogs, and in close proximity to indigenous communities, drawing opposition from environmental groups and raising ethical considerations.
Full-scale mining operations would demand the removal of peat bogs, contstruction of all-weather roads in this remote region, potential alterations to natural waterways, and the displacement of indigenous populations. Access to this area is limited, mainly when waterways freeze or via cargo planes landing on frozen lakes.
Canadian North Resources $CNRI is a late-stage exploration & development company for green energy base metals, nickel, copper, and cobalt and platinum-group metals. CNRI’s flagship property is the Ferguson Lake project located in, Nunavut in Northern Canada.
The demand for… pic.twitter.com/awa9WHrFLY— Financial Journey (@FinJourney) September 1, 2023
DEspite these challenges, proponents of mining, like Simon Moores, CEO of Benchmark Mineral Intelligence, advocate for seizing this opportunity. He believes that Canada could become a pivotal supplier of critical minerals if approached correctly.
This discovery comes at a time when both the United States and Canada are concerned about their dependency on China for materials crucial to green industry initiatives. The International Energy Agency predicts a surge in global demand for cobalt, nickel, and platinum due to the escalating pursuit of green energy projects, with China currently dominating the supply of these resources.
Notably, the U.S. military is actively lobbying private companies to extract these minerals, indicating a strategic interest in securing these resources domestically.
GOP Reps, Defense Experts Raise Red Flags Over Pentagon’s Reliance On China For Critical Minerals https://t.co/qhtVxSK0Zt
— Daily Caller (@DailyCaller) February 9, 2023
