Canadian government and U.S. co-invest on critical minerals projects

Canada and the United States are co-investing in Canadian critical minerals projects and working to strengthen supply chains

Jonathan Wilkinson, Minister of Energy and Natural Resources, announced the first co-investment with the U.S. in two Canadian companies developing deposits of critical minerals — Fortune Minerals Limited located in the Northwest Territories and Lomiko Metals, Inc. in Quebec.

The two companies are receiving funding from both Canada and the U.S., through the Canada-U.S. Energy Transformation Task Force, which was recently renewed for another year, to accelerate their projects towards production.

“Canada is positioning itself as a global leader in the supply of responsibly sourced critical minerals for the green and digital economy,” said Minister Wilkinson. “Through our work with the United States and other allies, we are developing secure critical minerals value chains that will power a prosperous and sustainable future.”

Canada’s investment of C$4.9 million in Lomiko will fund pilot plant testing to convert flake graphite into battery-grade material and is joined by an American investment of US$8.4 million through the Defense Production Act Investments (DPAI) office.

Canada’s investment of up to C$7.5 million to Fortune will advance engineering and processing for the development of the company’s NICO project to ensure a reliable North American supply of bismuth, in addition to cobalt, copper and gold, and is joined by an American investment of US$6.4 million through the DPAI office.