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Critical Minerals

Strategic importance meets project economics

Critical Minerals

Examining mineral supply chains without confusing strategic importance with shareholder returns.

Nickel, lithium, graphite, rare earths, potash: Canada has geology for most of the list and policy support for all of it. Strategic importance is not the same as an economic project, and a government loan is not the same as a customer. The questions below separate the two.

Research in this theme

Research brief / Copper

Copper: beyond the headline.

America imports more than half of the refined copper it uses, and Canada is its second-largest supplier.

5 min read

Relevant company profiles

Copper & zinc / Operating producer · pending merger

Teck Resources

TSXTECK.BNYSETECK

Teck is a Canadian producer of copper and zinc whose operating footprint includes Highland Valley Copper in British Columbia and Quebrada Blanca in…

Financial figures appear when they are tied to a dated filing.

Vancouver, British Columbia Read profile

Copper & gold / Operating producer

Hudbay Minerals

TSXHBMNYSEHBM

Hudbay is a copper-focused Canadian miner with gold as a significant by-product. Its disclosed operating portfolio includes Constancia in Peru, Snow…

Financial figures appear when they are tied to a dated filing.

Toronto, Ontario Read profile

Copper, zinc and platinum-group metals / Operating producer · ramp-up and recovery

Ivanhoe Mines

TSXIVNOTCQXIVPAF

Ivanhoe Mines is a Canadian-listed company whose mines are in southern Africa. Its registered office is in Vancouver, it keeps an executive office in…

Kamoa-Kakula copper production (100% basis, fiscal 2025)
388,838 tYear ended Dec 31, 2025
Kamoa-Kakula copper production (100% basis, latest quarter)
64,328 tQuarter ended Jun 30, 2026
Kamoa-Kakula cash cost (C1, non-IFRS)
US$2.84/lbQuarter ended Jun 30, 2026

All figures in U.S. dollars, the company's reporting currency. Kamoa-Kakula, Kipushi and Platreef figures are on a 100% basis unless marked attributable; Ivanhoe's economic share is 39.6%, 62% and 64% respectively. Quarterly figures are for the three months ended June 30, 2026 from the July 29, 2026 release; annual figures from the January 15 and February 18, 2026 releases. EBITDA, adjusted EBITDA and C1 cash cost are management's non-IFRS measures. Blank means not yet verified, never zero.

Vancouver, British Columbia Read profile

Crop inputs: potash, nitrogen, phosphate and ag retail / Operating producer and retailer

Nutrien

TSXNTRNYSENTR

Nutrien describes itself as a provider of crop inputs and services that spans fertilizer production, distribution and farm retail, with its upstream…

Sales (latest quarter)
US$10,812MQuarter ended Jun 30, 2026
Net earnings (latest quarter)
US$1,222MQuarter ended Jun 30, 2026
Adjusted EBITDA (latest quarter)
US$2,430MQuarter ended Jun 30, 2026

All figures are in U.S. dollars, Nutrien's reporting currency. Quarterly figures are for the three months ended June 30, 2026 from the August 5, 2026 news release and the accompanying MD&A filed on EDGAR; annual figures are from the February 18, 2026 full-year release. Adjusted EBITDA, free cash flow and controllable cash cost of product manufactured are management's non-IFRS measures as the company defines them. Blank means not yet verified, never zero.

Saskatoon, Saskatchewan Read profile

Uranium & nuclear fuel services / Operating producer

Cameco

TSXCCONYSECCJ

Cameco mines uranium in northern Saskatchewan, runs a fuel services segment, and owns 49% of Westinghouse Electric Company, the reactor-services and…

Revenue (fiscal 2025)
C$3,482MYear ended Dec 31, 2025
Revenue (latest quarter)
C$814MQuarter ended Jun 30, 2026
Net earnings (latest quarter)
C$25MQuarter ended Jun 30, 2026

Figures are in Canadian dollars unless marked US$. Quarterly figures are for the three months ended June 30, 2026 from the Q2 2026 news release and MD&A; annual figures are from the 2025 fourth-quarter release. Adjusted net earnings and adjusted EBITDA are management's non-IFRS measures. Blank means not yet verified, never zero.

Saskatoon, Saskatchewan Read profile

Uranium development / Developer · under construction, pre-revenue

NexGen Energy

TSXNXENYSENXE

NexGen Energy owns 100% of the Rook I project in the southwestern Athabasca Basin of northern Saskatchewan, about 155 km north of La Loche, and is…

Net income (loss), latest quarter
C$74.5MQuarter ended Jun 30, 2026
Cash
C$756.2MJun 30, 2026
Convertible debentures (principal)
US$360MJun 30, 2026

Figures are in Canadian dollars unless marked US$ or A$, from the condensed interim financial statements and MD&A for the six months ended June 30, 2026 (filed on EDGAR under Form 6-K on August 5, 2026). Resource and reserve figures are from the 2021 feasibility study as restated in that MD&A. Blank means not yet verified, never zero.

Vancouver, British Columbia Read profile

The record

Desk notes in this theme

All notes in this theme

  1. Policy / Critical Minerals

    New 50% U.S. tariffs on Canadian goods spare energy, potash and critical minerals

    Three July 20 proclamations under Section 338 of the Tariff Act of 1930 add a 50% duty on a wide range of Canadian products from August 19, but trade counsel's reading of the annexes keeps uranium, potash and other listed minerals outside it.

Data & documents

Go to the primary source.

Use the current releases linked below. We do not display live market data, and a source directory is never a verified data snapshot.

  1. 1
    Minerals and metals facts Natural Resources Canada · Living source; data years differ by series

    Directory of official Canadian commodity fact sheets.

  2. 2
    Mineral Commodity Summaries 2026 U.S. Geological Survey · January 2026

    U.S. import reliance and supply sources by commodity.