Canada's mining sector is experiencing a moment of convergence. Strong commodity prices and depleting reserves are driving consolidation, while geopolitical fractures and the race for critical minerals are reshaping dealmaking. In the Lexpert Special Edition on Mining, we examine the forces reshaping M&A in gold, copper, and critical minerals; the landmark strategy positioning Western and Northern Canada as a global supplier for the energy transition; and what good Indigenous consultation requires.
Mining M&A gathers momentum in gold, copper, and critical minerals
Sasa Jarvis, national co-leader of the mining group at McMillan LLP, sees high commodity prices, rising costs, and supply chain concerns converging to create "a really strong economic rationale for consolidation." Richard Fridman, a partner at Davies Ward Phillips & Vineberg LLP, describes the current environment as "frothy," with fewer but larger transactions and more mega-deals. The fundamental driver, he says, is enduring: "The truth of mining is that new resources are becoming more difficult to find, and certainly more difficult to find in lower-risk jurisdictions."
Gold leads in deal volume, but copper is emerging as the defining commodity of this cycle. Jen Hansen, partner and co-chair of the mining group at Cassels Brock & Blackwell LLP, calls it "arguably one of the most sought-after commodities," reflecting its importance to data centres, electric vehicles, and renewable energy. Roy Hudson, head of the Canada mining practice at DLA Piper (Canada) LLP, says Canada has emerged as a premier hub for Western supply chain insulation, with G7-backed capital programs having "unlocked billions in Western project capital."
"M&A is very much still happening, but it's not driven exclusively by economics. It's driven largely by policy," Fridman says, noting that national security reviews under the Investment Canada Act have become a first threshold question in any transaction. "Serious buyers do their due diligence," says Cory Kent, a capital markets partner at McMillan.
Western and Northern Canada bets on critical minerals
In June, seven provinces and territories released "Stronger Together: A Critical Minerals Strategy for Western and Northern Canada" — the first coordinated multi-jurisdictional effort to expand Canada's capacity to extract and process the minerals that power the modern economy. Greg McNab, a partner at Dentons who co-chairs the firm's mining group, calls it "a sign that we're ready to get on with things and… build out our economy."
Its core ambition is to develop a full critical minerals value chain in Canada and to streamline a permitting regime that Robin Longe, a partner at Dentons and co-leader of its Canadian mining practice, says has long been "too slow in Canada" — with approval timelines reaching 15 years. Longe notes that environmental assessments and Indigenous consultations would remain parts of any process.
Roy Millen, a partner at Blake, Cassels & Graydon LLP specializing in Aboriginal law in mining and energy projects, says Canada's foundation is stronger than many recognize. "Canada has a really deep talent pool," he says. "And that's something that I'm not sure Canadians realize relative to other countries around the world." Whether the strategy delivers will depend on implementation: "I think that remains to be seen," Millen says.
Beyond the minimum: what good Indigenous consultation requires
Recent decisions – including the Quebec Superior Court's ruling in Mitchikanibikok Inik First Nation c. Procureur général du Québec and the BC Court of Appeal's split decision in Gitxaala v. British Columbia (Chief Gold Commissioner) – continue to refine the Crown's duty to consult. For project development lawyers, legal compliance alone is no longer the measure of success.
"Is complying with the minimum standards enough? The short answer [is] no, and particularly not if you're trying to get a major project approved today," says Zach Romano, a partner at Fasken who works with Indigenous and project development matters. Indigenous rights holders increasingly expect consent-seeking as the goal, Romano says, and Crown decision-makers are increasingly reluctant to grant approvals without Indigenous consent, even without a legal consent requirement.
Daniel Bornstein, co-head of McCarthy Tétrault's Indigenous legal matters and projects group, says good consultation is "more social than legal" – aimed at "a mature relationship where each party feels safe to speak their minds." Romano agrees: Consultation should begin at the planning stage, before positions harden, and must treat Indigenous peoples as rights holders, "not simply as stakeholders whose concerns just need to be managed."
The road ahead
Across dealmaking, critical minerals strategy, and the evolving standards of Indigenous consultation, Canada's top mining lawyers are navigating a sector where opportunity and complexity advance in tandem. As Hansen says: "Clients are looking for advisers who can help them navigate complexity, manage execution risk, identify solutions and create strategic options throughout the process. They're not just looking for lawyers to paper the deal."