The Canadian and U.S. governments are co-investing in critical mineral producers for the first time, aiming to boost regional supplies of essential materials. This collaboration involves a total investment of approximately $32.5 million into two companies: Fortune Minerals Ltd. and Lomiko Metals Inc.
Fortune Minerals Ltd. is working on a project involving bismuth and cobalt in the Northwest Territories. They will receive $7.5 million from Canada and US$6.4 million from the U.S. Lomiko Metals Inc. is focused on a graphite project in Quebec and will receive $4.9 million from Canada and US$8.4 million from the U.S.
Natural Resources Minister Jonathan Wilkinson emphasized the importance of this collaboration with the U.S., stating that it will help secure supplies of critical minerals needed for the green and digital economy. These minerals are vital for producing electric vehicles, renewable energy technologies, and other advanced technologies that are central to future economic growth and sustainability.
The U.S. Department of Defense highlighted that these investments align with its national defense industrial strategy. This move demonstrates a shared commitment to strengthening North American material supply chains, which is crucial for both economic stability and national security.
Fortune Minerals expressed gratitude for the funding, noting the challenges in attracting investments for critical minerals in traditional capital markets. The support from the Canadian and U.S. governments is seen as a significant boost for their project.
Lomiko Metals also celebrated the investment, describing it as an exciting milestone. The funding will aid in advancing their efforts to contribute to the energy transition, which relies heavily on a steady supply of critical minerals like graphite.
This joint investment marks a significant step in Canada-U.S. cooperation, aiming to enhance the production and supply of minerals essential for modern technological advancements and sustainable development.
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