Bloomberg has learned about the plans of Germany and Canada to expand work on minerals

German Chancellor Friedrich Merz and Canadian Prime Minister Mark Carney discussed an initiative that includes supply chains for critical minerals. This was reported by Bloomberg on August 26.

"For too long, Canada's vast reserves of nickel, cobalt and other crucial minerals have been under-exploited, allowing Russia and China to dominate the global market. "Canada stands ready to be a reliable supplier to our allies, especially Germany, as Europe's largest economy and Canada's largest trading partner in the European Union," Carney said.

In a joint declaration of intent, the parties outlined "their mutual intention to innovate, invest, and cooperate through trade."

Minerals such as nickel, cobalt, graphite, and rare earth metals play a crucial role in energy technologies, including electric vehicles, batteries, renewable energy sources, power grids, and military equipment. Demand for them has been growing significantly in recent years, so ensuring supplies has become one of the main priorities of governments, Bloomberg notes.

After talks with Merz, Carney is scheduled to meet with senior German officials. With them, the Canadian Prime Minister will discuss investment opportunities and ways to ensure the security of energy supply chains and natural resources, in particular, essential minerals needed for the production of electric vehicle batteries.

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Merz, speaking at the party's regional conference on August 25, said that Germany could no longer afford the existing welfare system. According to him, spending on social programs is "out of control" and endangers the sustainability of the budget.

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