Canada courts $1 trillion with mining at centre of pitch

Canadian Prime Minister Mark Carney is focusing on mining as the country seeks to attract a staggering C$1 trillion ($721 billion) in global investment at the Canada Investment Summit in Toronto. Mining projects make up more than a third of the 167 projects being pitched at the summit, with the broader portfolio encompassing energy, infrastructure, manufacturing and technology.

The mining-heavy pitch comes amid mounting trade tensions with the US and a need for Canada to diversify its economic relationships and find new markets for its resources. However, attracting investors is just one aspect of the challenge; Canada must also demonstrate its capability to swiftly permit, finance and construct major projects to compete for global capital.

More than 100 of the world's largest investors have been invited to the summit, including BlackRock chairman Larry Fink and Temasek CEO Dilhan Pillay. Among the mining companies seeking capital is Troilus Mining, which needs C$1.43 billion to develop its gold-copper project in Quebec. The summit also highlights opportunities beyond commodities, with analysts predicting a need for more investment in copper smelting, by-product recovery, battery precursor materials, rare earth separation, magnets, graphite processing and recycling.

Canada's mining sector has established major companies and attracted large global operators, providing investors with exposure to various commodities and market capitalizations. The country's investment ambitions extend beyond Canada's borders, with Prime Minister Carney set to meet French President Emmanuel Macron in Saint-Pierre-et-Miquelon to explore deeper cooperation in energy, critical minerals, aerospace and advanced technologies.

Despite the potential for growth, Canada must overcome challenges such as lengthy permitting processes and delays, which could hinder the conversion of investment commitments into producing mines and processing facilities.