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Canada launches $1.5B critical mineral fund

Ottawa is set to tackle federal support for the critical minerals sector. Minister of Energy and Natural Resources Jonathan Wilkinson announced the Critical Minerals Infrastructure Fund (CMIF) will begin accepting applications when it opens its first call for proposals in late fall 2023.

The CMIF is poised to bridge critical infrastructure gaps, facilitating sustainable critical minerals production and connecting these valuable resources to the market. With an allocation of up to $1.5 billion over a seven-year period, this fund is set to push clean energy and transportation projects that will catalyze critical mineral development.

“Through the $1.5-billion Critical Minerals Infrastructure Fund, Canada will make strategic investments in projects to help enable and grow the sustainable development of these minerals, reinforcing Canada’s position as a global supplier of choice for clean technology, clean energy and the resources the world needs to build a prosperous net-zero economy,” Wilkinson said in a statement.

You can read more on the matter here.

What’s going on?

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• Missouri Jury Slams Realtors with $1.8 Billion Verdict in Commission Conspiracy Case (theDeepDive)

• US Supreme Court to determine legality of 'Trump Too Small' trademark (Reuters)

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• Credit Suisse intervention avoided ‘financial crisis,’ Swiss National Bank chairman says (CNBC)

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• U.S. job openings unexpectedly rise a second month to 9.6 million (BNN)

• George Santos Faces Rare Expulsion as New York GOP Pushes Forward (theDeepDive)

What’s the latest?

• US Private Payrolls: ADP reported that U.S. private sector payrolls grew by 113,000 in October, a modest increase from the unrevised 89,000 in September but below the expected 130,000. Wage growth was reported at 5.7% year-on-year, the smallest annual gain since October 2021.

• Rate Hike?: Throughout its two-year battle with inflation, the Federal Reserve has aimed to curtail consumer spending and ease price pressures by keeping interest rates high, but inflation remains at 3.4%, well above the 2% target. Despite market expectations for rates to be held steady after a two-day policy meeting, there is uncertainty whether the strong economic performance indicates a temporary surge or if stricter monetary policy is needed to control inflation.

• Meta Ban: The European Data Protection Board (EDPB) has extended a Norway-imposed ban on "behavioural advertising" on Facebook and Instagram to cover all 30 countries in the European Union and the European Economic Area (EEA). The ban, a blow to Meta Platforms, which owns the social media services, could result in fines of up to 4% of Meta's global turnover.

• New Build Rental Support: The Ontario government is eliminating the 8% provincial portion of the Harmonized Sales Tax on new rental housing developments, effective for constructions started between September 14, 2023, and December 31, 2030. A $500,000 two-bedroom unit would qualify for an estimated $40,000 in provincial tax relief and $25,000 in federal relief, potentially making more rental construction projects economically viable.

• Landlord Lawsuit: The Attorney General's office in Washington, D.C., is suing property management software company RealPage and 14 landlords, alleging collusion to artificially raise rents for over 50,000 apartments, in violation of the District of Columbia's Antitrust Act. The complaint claims that the landlords shared data with RealPage, which used an algorithm to set higher prices, costing renters millions in illegal rent hikes.

Uranium Market Trends

The stock market and stuff

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• The biggest winners — and losers — in the coming AI job apocalypse (BI)

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• PayPal gets crypto green light in UK as sets up post-Brexit base (Reuters)

In the juniors

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• Hercules Silver Hits 42 Metres of 138.7 g/t Silver In Shallow Drilling (theDeepDive)

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• Hypercharge Launches Carbon Credit Program To Appeal To Real Estate Investors (theDeepDive)

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