Canada and U.S. Partner to Boost Critical Mineral Production
In a historic move, the Canadian and U.S. governments have announced joint investments in critical mineral producers to enhance regional supplies. This collaboration marks the first time the two nations have co-invested in such projects, signaling a significant step towards securing essential resources for the green and digital economy.
Natural Resources Canada and the U.S. Department of Defense have allocated approximately $32.5 million to support projects led by Fortune Minerals Ltd. and Lomiko Metals Inc. Fortune Minerals’ venture in the Northwest Territories focuses on bismuth and cobalt, while Lomiko Metals is dedicated to a graphite project in Quebec.
According to Natural Resources Minister Jonathan Wilkinson, this partnership underscores the importance of securing critical minerals for sustainable economic growth. The investments aim to strengthen North American material supply chains, aligning with the national defense industrial strategy of the U.S. Department of Defense.
Fortune Minerals, set to receive $7.5 million from Canada and US$6.4 million from the U.S., acknowledges the significance of this funding in overcoming challenges in attracting investments for critical minerals. The support from both governments reflects a collective effort to address the growing demand for these essential resources.
Similarly, Lomiko Metals, slated to receive $4.9 million from Canada and US$8.4 million from the U.S., views the dual investments as a milestone in facilitating the energy transition. The company is optimistic about its role in supplying crucial materials for advancing sustainable energy solutions.
