- European Investment Bank and the Government of Canada sign Letter of Intent to explore future cooperation on critical raw materials.
- Agreement opens the way for discussions on institutional arrangements that would enable the EIB to operate in Canada in line with the EU–Canada Strategic Partnership on Raw Materials.
- Potential EIB operations in Canada would support secure, sustainable and diversified supply chains essential for Europe’s green and digital transitions.
The European Investment Bank (EIB) and the Government of Canada have taken an important step toward strengthening cooperation on critical raw materials. At the PDAC 2026 conference in Toronto, the two sides signed a non‑binding Letter of Intent, signalling their commitment to closer cooperation on securing reliable and sustainable supply chains for the minerals and metals that power the green and digital transitions, innovation as well as security and defense.
The Letter of Intent builds on the EU–Canada Strategic Partnership on Raw Materials and reflects the renewed momentum in EU–Canada cooperation on climate action, energy security, innovation, and economic resilience. It also aligns with the EU-Canada Joint Statement on Critical Minerals signed by Tim Hodgson, Canada’s Minister of Energy and Natural Resources, and Stéphane Séjourné, European Commission Executive Vice-President for Prosperity and Industrial Strategy, also at PDAC 2026.
Canada is a long‑standing, like‑minded partner for the European Union. As one of the world’s leading and most responsible producers of critical minerals, Canada brings large reserves, recognised mining expertise, and strong environmental and social standards. This makes it a natural ally for the EU as it works to diversify and secure critical raw materials supply chains, reduce strategic dependencies, and strengthen economic security.
Stronger EU–Canada cooperation will help ensure that key technologies — from clean energy solutions and digital tools to advanced security systems — remain reliable and competitively priced for manufacturers and households on both sides of the Atlantic.
“Canada shares Europe’s ambition to strengthen secure and sustainable supply chains for critical raw materials,” said EIB Vice-President Nicola Beer. “This Letter of Intent is an important step toward closer cooperation. Our objective is to improve market conditions for responsible producers and reliable buyers alike. Together with Canada, we aim to translate shared principles into practical arrangements that reduce risk, support innovation — from exploration and extraction to processing, recycling and substitution — and help mobilise private investment for high-standard projects.”
“Canada and the European Union share a clear ambition: to build the secure, responsible, and resilient critical mineral supply chains that our economies, workers, and defence industries rely on,” said the Honourable Tim Hodgson, Canada’s Minister of Energy and Natural Resources. “This Letter of Intent supports investments that deliver responsibly sourced minerals to global markets, while creating good jobs and long‑term opportunities for Canadians.”
Stéphane Séjourné, Executive Vice-President for Prosperity and Industrial Strategy said: “At a time of heightened geopolitical competition, Europe must take greater responsibility for its economic security. By deepening our partnership with Canada on critical raw materials, we are strengthening our strategic autonomy, reducing critical dependencies, and securing resilient supply chains with trusted allies.”
While the Letter of Intent does not create financial commitments for either side, it allows the EIB and the Government of Canada to begin discussions on the institutional arrangements required for the Bank to operate in the country. Such arrangements are a standard prerequisite for EIB activities outside the European Union. The initiative also contributes to broader efforts to deepen cooperation with trusted, like-minded partners on shared economic security priorities.
If established, this framework would allow the EIB to support projects across the full critical raw materials value chain — from exploration and extraction to processing, recycling and innovation — provided they serve EU strategic objectives and uphold high environmental and social standards. The partnership would also benefit European companies active in Canada’s mining and technology sectors, many of whom already operate there and supply equipment, technology and services.
Background information
The EIB Group
The European Investment Bank (ElB) Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion of new financing and advisory services for over 870 high-impact projects in eight core priorities that support EU policy objectives. climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships and the savings and investment union.
Photos of the EIB Group's spokespeople and headquarters, logo files and video B-roll for media use are available here.
EIB Critical Raw Materials Strategic Initiative
The EIB Group is a key provider of finance and advisory in the critical raw materials sector. It supports the implementation of the EU’s Critical Raw Materials Act, which aims to ensure access to a secure and sustainable supply of critical raw materials.
In March 2025, the Bank approved a new Critical Raw Materials Strategic (CRM) Initiative, establishing a higher level of ambition for financing and investment across the CRM value chain. In addition to setting a target to double EIB Group financing, it established a one-stop shop and a dedicated taskforce to support project development.