This article originally appeared in The Hub.
By JP Gladu and Caroline Cox, May 20, 2025
With Prime Minister Mark Carney having sworn in his streamlined cabinet, and King Charles set to deliver a historic Speech from the Throne on May 27, Canada stands at a pivotal moment to define its economic and sovereign future. The nation’s abundant critical minerals and robust Indigenous partnerships present a strategic opportunity to reinforce Canada’s autonomy and economic resilience.
Global demand for critical minerals is expected to more than double by 2040. It is estimated that we’ll need an extra $100 billion USD globally in capital investment in resource projects every year until 2050 to meet demand.
This underscores a pivotal opportunity for Canada—a country rich in natural resources with deep mining expertise. Facing growing geopolitical uncertainty, in recent months there has been a renewed national conversation on how to supercharge Canada’s economy and how to develop critical resource projects quickly and competitively while maintaining high standards. There has been much discussion on possible solutions, from national priority projects to big and small changes in regulatory frameworks.
As we look for ways to accelerate projects and boost Canadian competitiveness, Indigenous partnerships must be an essential part of the solution. These partnerships help deliver better outcomes and unlock value for all parties by enabling sustained community support and increased project certainty—all of which drive long-term success for business, shareholders, Indigenous partners, and Canada.
Over the past decade, resource projects that embraced a rights-based approach and strong Indigenous partnerships have set a new standard for development and offer key lessons for investors and proponents seeking greater certainty. For instance, in B.C., Cedar LNG in partnership with the Haisla Nation, and Woodfibre LNG in partnership with the Squamish Nation took an average of three years to be permitted compared to an industry average of five to fifteen years. This stemmed in part from the integration of Indigenous perspectives into the environmental assessment process and a collaborative approach to environmental planning. At BHP’s Jansen Potash Project in Saskatchewan, opportunity agreements with six First Nations were a potash industry-first when created in 2012 and supported a smooth permitting process and long-term relationships built on trust and mutual benefit.
The economic potential of inclusive development is substantial. According to TD Economics, the full inclusion of Indigenous Peoples in the development of just six priority critical minerals could unlock a $500 billion opportunity—when looking at the full list of Canada’s 34 critical minerals, the opportunity is even bigger. Nearly $600 billion in capital investment is planned over the next 10 years in major Canadian energy, mining, and forestry projects.
Indigenous equity is increasingly being used to support projects and deliver economic prosperity for Indigenous nations. Based on the First Nations Major Projects Coalition’s estimates, nearly $50 billion could be required to finance First Nation equity investments in the natural resource sector alone. Federal and provincial Indigenous loan guarantee programs will help facilitate some of this capital, but additional private investment will be needed to bridge the gap.
Capital is increasingly being invested in projects with strong Indigenous partnerships. Among Canada’s Maple 8 pension funds, we see this with the addition of Cedar Leaf Capital to CPP Investment’s syndicate, BCI’s investment in the First Nations Finance Authority, and CDPQ’s strategic partnership with Mohawk Council of Kahnawà:ke to co-invest in renewable energy projects.
As more partnerships are entered, it is equally important to create platforms for Indigenous leadership to help inform markets. Indigenous knowledge holders bring valuable expertise that strengthens projects and promotes sustainable economic growth. Companies that include Indigenous leaders in decision-making forums, on their corporate boards, and in their global market discussions unlock new opportunities and thinking.
BHP’s Forum on corporate responsibility is an example of this, where independent civil society and Indigenous leaders meet regularly with senior leadership and the board of directors to discuss a variety of business-critical topics. Adapting approaches that will enable Indigenous perspectives to help shape policies and business strategies will bring out innovative approaches to getting major projects to a “Yes,” while also working together to make progress on shared priorities.
If done right, the benefit of partnerships extends beyond initial agreements and enhances the long-term viability and operational continuity over the life of a project. They help us build and work in a better way.
Ultimately, in a global market where capital flows to stable, de-risked opportunities, strong Indigenous partnerships offer a competitive edge. Indigenous leadership is not just a social consideration; it is a strategic and economic imperative that provides commercial resilience and supports long-term project success. The companies that recognize and act on this reality will be the ones leading in Canada’s competitive future.
