Canada said it will use this week’s G7 ministers’ meeting in Toronto to prioritize critical minerals offtake agreements and related tools that move the bloc from talks to firm commitments, according to Natural Resources Minister Tim Hodgson.
Hodgson said the G7 will fund “several types of tools” to secure critical minerals, citing price floors backed by government subsidies that were discussed by G7 officials in Chicago earlier this year. He added that Canada will “aim to cement offtake agreements,” which lock in purchases of future production at predetermined prices to support financing and accelerate project timelines.
The minister said attendees should expect stockpiling steps and investment announcements tied to new mining and processing capacity.
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“What you will see on Friday is a number of concrete announcements demonstrating that a multilateral approach to securing supply chains and energy supplies works,” Hodgson said.
Canada positioned itself as a coordinating hub for allies’ supply chains given domestic output of nickel, copper, and cobalt. The focus is to convert policy intent into executable offtakes and inventory builds that can anchor project finance and counter single-supplier risk in inputs for clean energy and advanced manufacturing.
Market aims include diluting the G7’s heavy dependence on China, with Japan noted as the exception among members. Observers described a coming “critical minerals production alliance” that would combine offtake agreements, price floors, and stockpiles to counter market manipulation, including export controls and supply flooding.
Hodgson also addressed bilateral issues with the US, saying President Donald Trump called off trade talks this week that had been focused on tariffs on Canadian steel, aluminum, and autos. He added that Ottawa and Washington have discussed reviving the Keystone XL oil pipeline within a broader deal but it is unclear when talks will resume.
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