(Ottawa) The Canadian and U.S. governments announce they are jointly investing for the first time in producers of critical minerals in an effort to increase regional supplies.
Natural Resources Canada and the U.S. Department of Defense are jointly investing about $32.5 million in mining companies Fortune Minerals, which is working on a bismuth and cobalt project in the Northwest Territories, and Lomiko Metals Inc., which is focuses on a graphite project in Quebec.
Natural Resources Minister Jonathan Wilkinson said collaboration with the United States will help secure the supply of critical minerals needed for the green and digital economy.
The U.S. Department of Defense says these investments align with its National Defense Industrial Strategy and demonstrate a shared commitment to strengthening North American materials supply chains.
Fortune Minerals, which is expected to receive $7.5 million from Canada and $6.4 million from the United States, said the company was grateful for the funding because it has been difficult to attract investment in critical minerals on the traditional capital markets.
Lomiko, who will receive 4.9 million from Canada and 8.4 million from the United States, affirms that this double investment constitutes a formidable step since it contributes to ensuring the energy transition.