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Volkswagen (VOWG_p.DE) aims to enter the mining business in Canada to ensure its raw material supply for battery production, a board member for the German carmaker told Handelsblatt daily.

“We are not opening any mines of our own, but we want to acquire stakes in Canadian mines and mine operators,” Thomas Schmall told the daily on Tuesday.

Schmall added that Canada had virtually all the raw materials needed for battery production.

A memorandum of understanding to this effect is to be signed with the Canadian government later on Tuesday, Handelsblatt said.