Skip to main content

Canada and U.S. make first co-investment in critical minerals producers with $32.5M commitment

In this file photo, heavy haulers move rock out of a mine pit on the shore of Lac de Gras, approximately 300 kilometres northeast of Yellowknife, N.W.T. on July 19, 2003. (THE CANADIAN PRESS/Adrian Wyld) In this file photo, heavy haulers move rock out of a mine pit on the shore of Lac de Gras, approximately 300 kilometres northeast of Yellowknife, N.W.T. on July 19, 2003. (THE CANADIAN PRESS/Adrian Wyld)
Share
OTTAWA -

The Canadian and U.S. governments say they're co-investing in critical mineral producers for the first time as they work to boost regional supplies.

Natural Resources Canada and the U.S. Department of Defense are together putting a total of about $32.5 million into Fortune Minerals Ltd., working on a project with bismuth and cobalt in the Northwest Territories, and Lomiko Metals Inc., focused on a graphite project in Quebec.

Natural Resources Minister Jonathan Wilkinson says the collaboration with the U.S. will help secure supplies of critical minerals that are needed for the green and digital economy.

The U.S. Department of Defense says its investments align with its national defense industrial strategy and show a shared commitment to strengthening North American material supply chains.

Fortune Minerals, set to receive $7.5 million from Canada and US$6.4 million from the U.S., says the company is grateful for the funding because it has been difficult to attract investments for critical minerals in traditional capital markets.

Lomiko, to receive $4.9 million from Canada and US$8.4 million from the U.S., says the twin investments is an exciting milestone as it works to help supply the energy transition.

This report by The Canadian Press was first published May 16, 2024.

CTVNews.ca Top Stories

Canada's tax relief plan: Who gets a cheque?

The Canadian government has unveiled its plans for a sweeping GST/HST pause on select items during the holiday period. The day after the announcement, questions remain on how the whole thing will work.

Local Spotlight

Stay Connected