Canada and US Make First Co-investment in Critical Minerals Producers

Canada and US join forces to invest in critical minerals producers for the first time

May 16, 2024 TruthUSA

The Canadian and U.S. governments have announced their first co-investment in critical mineral producers to enhance regional supplies.

Natural Resources Canada and the U.S. Department of Defense are jointly investing approximately $32.5 million in Fortune Minerals Ltd. for a project involving bismuth and cobalt in the Northwest Territories, as well as in Lomiko Metals Inc. for a graphite project in Quebec.

Jonathan Wilkinson, the Natural Resources Minister, stated that this collaboration with the U.S. will help secure critical mineral supplies necessary for the green and digital economy.

The U.S. Department of Defense mentioned that these investments support its national defense industrial strategy and demonstrate a mutual 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., expressed gratitude for the funding, citing challenges in attracting investments for critical minerals in traditional capital markets.

Lomiko, set to receive $4.9 million from Canada and US$8.4 million from the U.S., highlighted these investments as a significant milestone in their efforts to contribute to the energy transition.