Mar 29, 2023
TUNGSTEN IS THE NEXT RESOURCE CANADA NEEDS TO WATCH
As a critical metal, tungsten may be the next resource that Canada should pay attention to, given how quickly its global value is increasing.
At Northcliff, we believe that the Sisson Project can be a significant player in the critical minerals supply chain as the world continues its push towards securing the necessary minerals and metals to power innovation.
The Government of Canada views the development of our critical minerals value chain as a generational opportunity for our country.
Tungsten is employed in various industries, including mining, oil and gas, construction, manufacturing, technology, and transportation. The metal is extremely dense and hard, has a great melting point, and is corrosion resistant, making it a strong resource.
Canada is growing as a player in the tungsten market by working to find a tungsten deposit in New Brunswick. The Northcliff Sisson Project can be a key asset in meeting part of the global demand for tungsten and molybdenum. Both tungsten and molybdenum are listed as critical minerals in Canada, and tungsten in the United States of America and numerous other countries.
In this article, we are going to explore the importance of tungsten to the Canadian market.
The Northcliff Sisson Project has substantial future potential to produce tungsten. On the eastern seaboard of North America, it is located close to highways, rail, and tidewater, providing the project with considerable logistical advantages over comparable greenfield tungsten projects.
New Brunswick is a stable state with a long mineral and resource development history and a sophisticated regulatory framework. Northcliff’s Sisson Project ranks among North America's largest potential tungsten producers and may considerably increase supply for the North American, Asian, and European markets, where demand is outpacing supply.
The commodity prices for products have recovered from their lows in 2015; mid to longer term fundamentals for tungsten and molybdenum remain robust, including price forecasts.
Both the green economy and the digital economy are heavily reliant on minerals. Cell phones, solar panels, wind turbines, electric car batteries, medical and healthcare equipment, are just a few of the key things that employ them.
With the necessary minerals, it is possible to switch to green energy in Canada or anywhere else. For this reason, Canada is creating a long-term industrial base to enable emission-reduction supply chains to assist future generations in coping with climate change by investing money in crucial minerals, such as net-zero energy and transportation systems.
The global demand for several key minerals is anticipated to rise as green and digital applications expand. According to the International Energy Agency, the energy industry may require more than twice as many key minerals by 2040 as it does today. The North American industry for zero-emission vehicles is anticipated to be valued at CDN $174 billion and provide over 220,000 jobs in manufacturing, processing, and mining by 2030.
Depending on how fast and firmly the government moves, a battery supply chain in Canada by 2030 may directly contribute between CDN $5.7 billion and CDN $24 billion to the nation's GDP and support between 18,500 and 81,000 direct jobs, according to a report by Clean Energy Canada.
These figures, from the Canadian Critical Minerals Strategy, increase to between CDN $15 billion and $59 billion and 79,000 to 333,000 jobs annually when indirect and induced activities are included.
Northcliff's New Brunswick Sisson Project location has strategic advantages in infrastructure and potential employees. Our team can hire local, skilled, and experienced workers without looking outside the province.
Canada is currently implementing important critical minerals initiatives, such as funding support for qualified activities via certain policies and programs administered by the Critical Minerals Centre of Excellence at Natural Resources Canada. This support is vital for building an energy efficient future with Northcliff’s resources, tungsten, and molybdenum.
Northcliff is a mineral resource company focused on advancing the feasibility-stage Sisson tungsten-molybdenum project located in New Brunswick, Canada, to production. Additional information on Northcliff is available on the website at www.northcliffresources.com