OTTAWA,
ON, May 16, 2024 /CNW/ - The development of
secure, sustainable North American supply chains requires close
collaboration among like-minded partners. That is why Canada and the
United States are co-investing in strategically important
Canadian critical minerals projects and working to strengthen our
supply chains through the Canada-U.S. Energy Transformation Task
Force, which was recently renewed for another year. We are
accelerating projects and attracting capital to Canada that will develop the critical minerals
essential for continental security and our clean energy
future.
Today, the Honourable 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. to accelerate their projects towards production.
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. Both investments build on previous Government of
Canada funding for Fortune and
Lomiko and will support defence applications and the growing demand
for long-duration energy storage and electric vehicles.
This announcement is a landmark example of the close bilateral
collaboration under the Canada-U.S. Joint Action Plan on Critical
Minerals Collaboration and the Canada-U.S. Energy Transformation
Task Force, for which it is also a key deliverable.
Co-investment in Canadian projects of strategic importance, like
Fortune and Lomiko, supports the U.S. and Canada's shared vision of strong, sustainable
North American critical mineral supply chains. It is this kind of
cooperation and integration that will allow us to seize the
generational opportunity of the global transition to net zero.
Quotes
"Canada is positioning itself
as a global leader in the supply of responsibly sourced critical
minerals for the green and digital economy. 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."
The Honourable Jonathan Wilkinson
Minister of
Energy and Natural Resources
Quick Facts
- In March 2024, Minister Wilkinson
announced an investment in Fortune of C$714,500 for a pilot hydrometallurgical process
to produce high-purity cobalt sulphate.
- In 2023, Canada's National Research Council provided up to
C$500,000 to Lomiko to continue
advancing pre-feasibility-level battery trials with its La Loutre
natural flake graphite concentrate.
- Announced in January 2020, the
Canada-U.S. Joint Action Plan on Critical Minerals advances both
countries' common interest in strengthening North American critical
mineral production needed for defense, aerospace, clean energy,
communications and other key industries.
- Over the last few years, Canada has made landmark investments across a
range of critical mineral and zero-emission-vehicle supply chain
projects in Canada. Canada is actively providing support across
the industry under the CA$3.8-billion Canadian Critical Minerals
Strategy to address barriers through funding and collaboration with
provincial and territorial governments, Indigenous groups, mining
companies and other Canadian and international partners.
- Critical mineral projects in Canada are further supported by the Clean
Technology Manufacturing investment tax credit, which bolsters
investment in the mining and processing of six critical minerals
essential for clean technology supply chains: lithium, cobalt,
nickel, graphite, copper and rare earth elements.
Related Information
Canada and the United States extend bilateral energy
transformation task force for an additional year, announce new
mineral sector investments
Prime Minister Trudeau and President Biden Joint Statement
Canadian Critical Minerals Strategy
Fortune Minerals Limited
Lomiko Metals, Inc.
SOURCE Natural Resources Canada