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Ottawa has to pressure pension funds to invest billions in Canadian mining, a radical change from their almost non-existent stakes, if the industry is ever going to produce enough metals to fight climate change, veteran entrepreneurs Pierre Lassonde and Frank Giustra say.
Pension funds are not investing in large Canadian mining companies, which may in turn invest in juniors, in part because few domestic options remain. Switzerland-based Glencore’s acquisition of most of Teck Resources’ coking coal assets in November for about C$9 billion is the latest large deal scooping up Canadian assets.
“The government of Canada continues to engage with critical minerals stakeholders, including pension plans and other institutional, arms-length investors,” Michael MacDonald, a spokesman for the federal Natural Resources Ministry, said in an emailed reply to questions. British Columbia Investment Management said it invests 29.4% in Canada and referred other inquiries to its annual report. OMERS said it wouldn’t comment on the topic.
Lassonde went further and said federal and provincial governments must legislate pension funds to increase their investments in Canadian resource companies. He’s backed Letko Brosseau’s presentations to finance ministers in BC and Ontario as well as to officials in Ottawa.
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