Nervous nations reach out to Canada’s energy minister amid Iran strikes
Politics | CBC News
Energy Minister Tim Hodgson says he’s already fielding inquiries from other countries about how Canadian energy producers can fill a potential gap caused by the Middle East conflict, which is pushing up global oil and gas prices.
Attacks highlight the argument for accelerating Canada’s natural resource development, says Hodgson
David Thurton, CBC News — Published March 3, 2026, 4:00 AM EST; updated 13 minutes ago
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Energy Minister Tim Hodgson notes that several countries have begun contacting Ottawa with questions about how Canada can quickly expand both clean and conventional energy exports to compensate for the disruption tied to Iran. Hodgson told CBC News, “Right now the world feels extremely unsettled in the wake of this weekend’s events. We’re already seeing more inquiries about how fast Canada can broaden its energy export capacity.”
He did not identify which nations are calling, and cautioned that a rapid response is unlikely. “You don’t shift LNG or oil production in a matter of days,” he explained.
The comments came during a Toronto appearance at a conference that’s billed as one of the globe’s largest mining gatherings. The conflict in the Middle East and the looming risk of supply shocks, Hodgson argued, reinforce the case for developing Canada’s natural resources.
WATCH | Oil prices surge as shipments through a crucial route pause:
What’s happening in the Strait of Hormuz as tensions rise?
March 2 | 3:52
CBC senior business correspondent Peter Armstrong breaks down the situation around the critical shipping lanes near Hormuz as the conflict escalates after recent U.S. and Israeli actions against Iran.
In a keynote focused largely on critical minerals, Hodgson said Ottawa views these valuable materials as essential to Canada’s sovereignty and to the security of its allies. He added that they could yield leverage in ongoing trade negotiations.
Without naming the United States, Hodgson indicated the federal government plans to accelerate domestic mining to strengthen its position in talks and with other partners.
“In trade negotiations, our critical minerals are assets in our hands—tools that give us leverage in a world that is as it is, not as we wish it to be,” he stated during the Prospectors & Developers Association of Canada conference in Toronto.
Hodgson described Washington’s aggressive trade policies as the “obvious elephant in the room.” He also suggested that Canada and other nations are seeking to curb China’s dominant role in critical minerals, which power everyday electronics, electric vehicles, and defense technologies.
“For Canada and our partners, overreliance on concentrated foreign supply chains creates vulnerability,” he remarked. “Canada offers an alternative to reduce that vulnerability.” He stressed that Canada will not use its resources to coerce others.
Billions in critical minerals financing
Hodgson announced substantial investments in mining and processing across the country on Monday and teased additional funding.
CBC News obtained advance copies of Tuesday’s plan.
The minister is expected to unveil $3.6 billion in new critical minerals investments—including up to $165 million to speed up planning, development, and processing across 22 projects.
Following the fall federal budget, Hodgson is launching a $1.5-billion First and Last Mile Fund to move minerals from extraction to processing facilities.
He is also set to spotlight a forthcoming $2-billion Critical Minerals Sovereign Fund. The government is calling this fund “the first of its kind” because Ottawa would be able to make equity investments, provide loan guarantees, and enter into offtake agreements with mines.
Offtake agreements guarantee a buyer for a portion of a mine’s output, reducing startup risk for operators.
WATCH | Energy minister announces critical mineral deals that will mobilize $12.1 billion in investment:
Energy minister: new critical mineral deals will bring $12.1 billion in investment
March 2 | 0:59
On Monday, Hodgson announced 30 partnerships and investments across 10 allied countries, the European Union, and the United Nations, aiming to unlock $12.1 billion for critical mineral projects.
This marks the second phase of the Carney government’s critical minerals alliance, launched during Canada’s G7 presidency last fall.
Canada as a mining and minerals powerhouse: Hodgson
The funding backdrop framed Hodgson’s Monday keynote, where he outlined the government’s mining vision.
“This is a new era for Canadian mining—one where our resources sit at the heart of our economic security, sovereignty, and global influence,” he claimed.
Hodgson described Canada as a “mining and minerals powerhouse” both domestically and internationally. He noted that critical minerals underlie defense systems, advanced computing, telecommunications, and clean technologies.
He added that Arctic mining enhances Canada’s ongoing sovereignty and long-term strategic footprint in the north.
Hodgson’s stance mirrors remarks by Conservative Leader Pierre Poilievre, who recently called for a new “strategic energy and minerals reserve” to stockpile resources in case of war, crisis, or supply disruption.
Poilievre’s foreign trip to London marked his first international tour as opposition leader, while he advocates reserves to bolster resilience and leverage in negotiations, arguing that such assets should remain sovereign and protected.
In October, Canada designated certain critical minerals as a national security priority under the Defence Production Act, enabling government support for the mining industry by guaranteeing a buyer and setting a floor price. The government also signaled stockpiling efforts for graphite and scandium.
ABOUT THE AUTHOR
David Thurton is CBC’s senior parliamentary reporter, covering daily politics and focusing on energy and environment policy. Born in Canada and raised in Trinidad and Tobago, he has lived across the country and previously worked in Alberta and the Northwest Territories. He can be reached at david.thurton@cbc.ca
For more, see CBC News: Poilievre’s international trip and Canada’s stockpiling of critical minerals as a national security priority.
