Canada’s TSX to Start New Index on Battery Metals

Canada’s Toronto Stock Exchange (TSX) will start a battery metals index on Tuesday to support the industry and offer insights. The index will track companies listed in Canada that operate on the production and exploration of metals that are used in electric vehicle (EV) batteries or renewable energy, including lithium, cobalt, nickel and copper.

TSX said in a statement that its goal is to provide better exposure and deeper insights into the cleantech and energy transition as global demand for battery metals continue to grow.

The new benchmark’s top five constituent firms are Turquoise Hill Resources, Teck Resources, Sierra Metals, First Quantum Minerals and Lundin Mining.

The index will also track Ero Copper,  Hudbay Minerals, China Gold International, Copper Mountain Mining and Taseko Mines.

The exchange underlined that last year, companies focused on critical and battery minerals accounted for more than 25% of the total equity capital raised by the mining sector on TSX and TSX-V.

The Canadian government allocated C$3.8 billion in its latest national budget for critical minerals, which it considers crucial to achieve the nation’s goal to reach net zero by 2050.

As part of this strategy, the Department of Natural Resources is granting almost C$11 million to companies that win a call for proposals to build local pilot processing plants of the critical minerals.

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