Canada adds iron ore to the list of critical raw materials

Natural Resources Canada has added high-quality iron ore to the list of critical minerals. This was reported by Mining.com with reference to the Ministry’s data.

The list of critical minerals, which has already reached 34 types of raw materials, also includes phosphorus and silicon.

«These raw materials are integral to a wide range of products that are critical to the energy transition, often in short supply, and critical to Canada’s future economic prosperity,» the government said in a statement.

Silicon is used to make chips and semiconductors used in most electronic devices. High-quality iron ore is needed to make environmentally friendly steel and is an integral part of the decarbonization process. Phosphorus is in demand for fertilizers and batteries.

The list of critical minerals was first released in March 2021 as part of Canada’s emissions reduction plan, which aims to reduce CO2 emissions by 40-45% below 2005 levels by 2030 and achieve zero emissions by 2050.

Champion Iron, which owns and operates the Bloom Lake mining complex in Quebec, welcomed the addition of iron ore to the List of Critical Minerals. The company’s mine, on the southern edge of the Labrador Trough, has one of the world’s highest iron ore reserves and can produce iron ore concentrate with an iron content of 67.5%. Champion Iron is working on several modernization projects to increase the iron content of iron ore concentrate to 69%.

As GMK Center reported earlier, global iron ore exports in January-March 2024 increased by 6% compared to the same period in 2023 – to 376 million tons. In the short term, global iron ore exports will remain high as major global companies maintain their production forecasts.