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Ottawa Eyes G7 Deals to Secure Critical Minerals

Canada said it will use this week’s G7 ministers’ meeting in Toronto to prioritize critical minerals offtake agreements and related tools that move the bloc from talks to firm commitments, according to Natural Resources Minister Tim Hodgson.

Hodgson said the G7 will fund “several types of tools” to secure critical minerals, citing price floors backed by government subsidies that were discussed by G7 officials in Chicago earlier this year. He added that Canada will “aim to cement offtake agreements,” which lock in purchases of future production at predetermined prices to support financing and accelerate project timelines.

The minister said attendees should expect stockpiling steps and investment announcements tied to new mining and processing capacity.

You can read more on the matter here.

What’s going on?

• Ottawa Targets Firm Offtake Deals In G7 For Critical Minerals (theDeepDive)

• U.S. Senate votes 50-46 to nullify Trump tariffs on Canada, with four Republicans crossing aisle (CTV)

• Bank of Canada Points To Tariffs For Weak Growth, Soft Labor Market (theDeepDive)

• Korea, Canada form landmark security and defense cooperation partnership (KT)

• US and China agree one-year trade truce after Donald Trump-Xi Jinping talks

  (FT)

• Uranium Momentum Builds On NextEra-Google Plan To Restart Iowa Nuclear Facility (theDeepDive)

• 'Our enemy now is Canada' Alan Dershowitz says on Israel policy (NP)

• Hodgson: ‘We Will Do Whatever We Can To Help’ On Keystone XL Revival (theDeepDive)

• China has approved TikTok transfer deal, Bessent says (Globe)

What’s the latest?

• Real Estate: After the Federal Reserve cut its benchmark rate, 30-year mortgage rates unexpectedly rose 20 basis points to 6.33%, up from 6.13%. The increase followed negative bond market reaction to Jerome Powell’s comments, which tempered expectations for further cuts. Markets had priced in three Fed rate cuts in 2025, but Powell’s remarks reduced confidence in a December cut. Despite the prior rate drop spurring a 111% rise in refinance applications, homebuyer demand remained flat.

• Markets: U.S. markets drifted Thursday as mixed signals emerged from the Trump–Xi trade talks and Big Tech earnings. The S&P 500 slipped 0.2%, the Dow rose 0.5%, and the Nasdaq fell 0.6%. Meta plunged 11.3% and Microsoft dropped 2.5% on higher spending forecasts, while Alphabet gained 5.3% after beating earnings. Bond yields inched higher to 4.09%, as traders reduced bets on a December Fed rate cut, following Powell’s warning it’s “not a foregone conclusion.”

• Politics: The U.S. Senate voted 50–46 to nullify tariffs on Canadian imports, marking another pushback against President Trump’s trade policies. Four Republican senators — Murkowski, Collins, McConnell, and Paul — joined Democrats in supporting the resolution. The move comes amid Trump’s 10% tariff threat on Canada following an anti-tariff ad from Ontario and as U.S.-Canada trade tensions escalate, with US$909.1 billion in bilateral trade in 2024. Despite Senate action, the resolution is unlikely to take effect due to House GOP rules and Trump’s veto power.

• AI: Joe Lonsdale, founder of 8VC and co-founder of Palantir, warned that AI executives are downplaying capital and energy needs to avoid alarming investors. He predicts a 3–6 month funding cycle as firms continually seek more resources. Tech giants like Meta, Alphabet, and Microsoft raised capital expenditure forecasts amid soaring AI demand, while OpenAI’s valuation hit $500B. Lonsdale said he’s instead investing in profitable, productivity-boosting AI firms in the real economy.

• Economy: Job vacancies in Canada fell to 457,400 in August 2025, the lowest level in nearly a decade and down from 435,500 in 2017, according to Statistics Canada. The job vacancy rate stood at 2.6%, while the unemployment rate rose to 7.1%, pushing the unemployment-to-vacancy ratio up 0.7 points year-over-year. The steepest declines were seen in transportation, information, and retail sectors, with only agriculture and related industries showing growth. Average weekly earnings increased 3% year-over-year to $1,312.

Freeport Q3 Earnings

The stock market and stuff

• Ivanhoe Mines Q3 2025 Profit Slips 71% On JV Contribution Drop (theDeepDive)

• Meta readies $25bn bond sale as soaring AI costs trigger stock sell-off (FT)

• Novo Nordisk Seeks to Outmuscle Pfizer With $9 Billion Bid for Metsera (WSJ)

• Agnico Eagle Profit Surges 86% In Q3 2025, Thanks To Gold Price Jump (theDeepDive)

In the juniors

• Aris Mining Q3 2025: 94% Revenue Jump, Swings From A Loss (theDeepDive)

• Talisker To Ramp Production Following Ocean Partners Ore Purchase Arrangement (theDeepDive)

• New Found Gold Hits 29.2 g/t Gold Over 9.25 Metres At Dropkick (theDeepDive)

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