Natural Resources Canada announced a new call for proposals and several new funding allocations under the Critical Minerals Infrastructure Fund (CMIF), with up to $1.5 billion committed until 2030. The fund is prioritizing clean energy and transportation projects, including:
$75 million for the Northwest B.C. Highway Corridor Improvements Project (Copper, Molybdenum, Nickel).
$40 million for the Yukon–British Columbia Grid Connect Project (Cobalt, Copper, Tungsten).
Conditional approval of up to $20 million for the Galore Creek Access Road (Copper).
New CMIF Indigenous Grants Stream Focuses on Capacity Building
As part of the CMIF deployment, a dedicated Indigenous Grants stream is providing up to $13.5 million in federal funding until 2030 to support Indigenous organizations. The grants focus on capacity building, engagement, and knowledge sharing related to clean energy and transportation infrastructure that enables critical minerals development. Applications for the current round are due December 17, 2025.
Why It Matters
Copper is Now a Macro-Risk
The $13,000/tonne forecast signals that the copper deficit is no longer just a mining sector issue; it is a macroeconomic risk for the entire global energy transition. Higher copper prices will inflate the cost of every EV, wind turbine, solar farm, and data center built, threatening to slow decarbonization goals. This reinforces the necessity of government intervention (like the U.S. Critical Mineral List and Canada's CMIF funding) to accelerate domestic supply.
CMIF Solves Infrastructure Bottlenecks
The CMIF funding demonstrates Canada's direct approach to solving the primary physical barrier to development: infrastructure. By publicly funding roads and power lines (as seen in B.C. and Yukon), the government significantly de-risks multi-billion dollar private mining projects, transforming remote or marginal critical mineral deposits into bankable assets and accelerating North American supply independence.
M&A Consolidation Driven by Volatility
The impending Teck-Anglo merger is a strategic move to build the scale and financial resilience required to manage the extreme price volatility and operational shocks highlighted by the current copper crisis. The creation of a larger, more diversified entity is seen as the best way to secure financing for the next generation of multi-billion dollar copper projects.
Watchlist Companies
Company / Entity | Context | Homepage / Link |
Teck Resources (TECK) | $53B merger decision on Dec 9; final government approval hinges on Canadian economic benefits. | |
Anglo American PLC (AAL) | U.K. miner aiming to complete the Teck merger; must satisfy Ottawa's sovereignty demands. | |
Trilogy Metals (TMQ) | Partner in Alaska's Ambler District (Copper/Cobalt); project value benefits massively from the $13,000/tonne copper forecast. | |
FPX Nickel Corp (FPX) | Received CMIF funding for pre-construction of powerline and access road studies for its Baptiste Nickel project in B.C. | |
Rock Tech Lithium Inc. (RCK) | Lithium developer whose Unlocking Fairloch Access Road project received conditional CMIF approval. | |
Green Technology Metals (GT1) | Lithium developer whose access road project in Ontario received conditional CMIF approval. |
Critical Minerals Spotlight
Copper — Price Shock: Extreme supply risk is driving price forecasts to $13,000/tonne, immediately escalating global project costs.
Financing — Infrastructure: Canada's CMIF funding is the primary tool used to de-risk remote mining projects and expedite North American supply.
M&A — Consolidation: The Teck/Anglo merger is a strategic move to build the scale and financial resilience needed to manage copper's new volatility.
Action Points
Monitor Teck Shareholder Vote: Closely follow the December 9th vote; a positive result shifts full pressure to the Canadian government's final economic decision, which remains the key market risk event.
Hedge Copper Risk: Manufacturers and utilities should accelerate hedging strategies, locking in forward contracts for copper supply in anticipation of prices exceeding $12,000/tonne in 2026.
Benchmark CMIF Project Terms: Critical mineral developers should analyze the CMIF funding terms (e.g., for FPX Nickel, Rock Tech Lithium) to align their own infrastructure proposals with federal priorities.
This briefing is for informational purposes only and is not legal, investment or policy advice. Information is believed accurate at the time of publication; sources are publicly available.
444Critical is delivered daily from Trail, British Columbia — a city built on metallurgy, innovation and collaboration — now standing as the operational centre of the North‑American critical‑minerals corridor.