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Canada, Saudi Seal Minerals Pact

Canada signed a minerals cooperation agreement with Saudi Arabia on January 13, expanding access to critical resources needed for clean energy technology and electric vehicles.

The deal comes as Western countries seek to diversify supply chains away from China, which processes approximately 80 percent of global critical minerals despite mounting geopolitical tensions. Critical minerals, including lithium, cobalt, and rare earth elements, are essential for electric vehicle batteries, solar panels, and wind turbines.

Canadian Parliamentary Secretary Claude Guay and Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Al-Khorayef signed the agreement at the Future Minerals Forum in Riyadh. The agreement will boost trade and investment in critical minerals, enable knowledge exchange between both countries, and strengthen supply chain security.

You can read more on the matter here.

What’s going on?

• Iranian Citizens Face Restriction to Domestic-Only Internet Under New Plan (theDeepDive)

• Prime Minister Mark Carney seeks investments at World Economic Forum (CTV)

• Trump Doubles Down On Negotiating Price Floors For Critical Minerals (theDeepDive)

• Canada reaches tariff-quota deal with China on EVs, canola (CBC)

• Congo Minister Says Investment List Coming to Washington This Week (theDeepDive)

• Canada’s inflation rate rises to 2.4% in December, but core measures ease (Globe)

• Trump Leans On Contractors To Guard Seized Venezuela Oil Assets (theDeepDive)

• Denmark dispatches additional troops to Greenland as tensions rise (FT)

• Canada Inks Energy MOU With China For Oil, Gas, & Uranium Exports (theDeepDive)

• China’s Birthrate Sinks to Record Low (WSJ)

What’s the latest?

• Economics: Canada’s annual inflation rose to 2.4% in December (vs 2.2% expected), largely due to the 2024 GST tax holidayfalling out of year-over-year comparisons, driving restaurant prices up 8.5% and grocery inflation to 5%. Price pressures were partly offset by a 13.8% drop in gasoline, while airfare jumped 34.5% month-over-month; economists say core inflation is moderating, supporting the Bank of Canada holding rates at 2.25% with no near-term cuts expected.

• Wealth: Oxfam reports global billionaire wealth hit a record US$18.3T in 2025 (+16% / +US$2.5T), with 3,000+ billionaires and the top 12 holding more wealth than the poorest 4.1B people. In Canada, 89 billionaires saw the top 40’s wealth rise 20% to ~C$550B, while the top 1% (~C$1.25T) now hold nearly as much as the bottom 80%, amid rising poverty; Oxfam urges wealth taxes and action on tax havens.

• Market: Canada’s S&P/TSX edged up 17.47 points to 33,058.02, supported by gains in basic materials, while U.S. markets were closed for MLK Day. The CAD strengthened to US$0.7211, crude held at US$59.33/bbl, and gold jumped US$82.40 to US$4,677.80/oz in late-morning trading.

• EVs: Canada’s removal of 100% tariffs on Chinese-made EVs opens a 49,000-vehicle annual quota (rising to 70,000 in five years) at 6.1% duty, positioning Tesla to benefit due to its Shanghai-built Model Y readiness, prior 460% surge in China-made auto imports to 44,356 units (2023), and 39-store Canadian network. While 50% of the quota is reserved for vehicles under C$35,000, favoring Chinese brands, Tesla could quickly resume China-sourced exports as Canada explores EV joint ventures with Chinese firms despite U.S. criticism.

• Politics: PM Mark Carney’s attendance at Davos is framed as a strategic move amid populist backlash and global trade instability, with experts noting reduced political risk due to Trump’s trade war and sovereignty threats. Analysts argue Carney’s macroeconomic expertise gives him credibility with global capital and policymakers, contrasting with criticism from Conservatives despite past Davos participation by Harper (2010, 2012) and Trudeau (2016, 2018), as Canada seeks allies and investment in a more fragmented global order.

Gold and Silver Are Still in a Bull Market

The stock market and stuff

• Rio Tinto, Glencore Resume Talks on $200 Billion Mining Mega-Merger (theDeepDive)

• IAMGOLD Reports 2025 Production Of 765,900 Ounces, Achieving Guidance Midpoint (theDeepDive)

• NYSE to Launch 24/7 Trading Platform for Blockchain-Based Securities (WSJ)

• Gold and silver surge to fresh highs as investors digest Trump’s push for Greenland and flock to safer assets (CNBC)

• Saks Global Filed For Bankruptcy After $1.75B Financing Failed To Rescue (theDeepDive)

• Montage Gold Bumps First Gold Pour At Kone Up To Q4 2026 (theDeepDive)

In the juniors

• Moon River Moly: The Davidson Moly-Copper-Tungsten PEA (theDeepDive)

• Highlander Silver: The Saviour Of Bear Creek Mining (theDeepDive)

• Alta Copper Gets Acquired: Were Shareholders Robbed? (theDeepDive)

• Integra: The DeLamar Heap Leach Feasibility Study (theDeepDive)

FULL DISCLOSURE: Nord Precious Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Nord Precious Metals. The author has been compensated to cover Nord Precious Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.