Canada and the United States are making a joint investment in major mineral producers for the first time

OTTAWA – The Canadian and U.S. governments say they are investing together for the first time in producers of critical minerals to boost regional supplies.

Natural Resources Canada and the U.S. Department of Defense are investing a total of about $32.5 million in Fortune Minerals Ltd., which is working on a bismuth and cobalt project in the Northwest Territories, and Lomiko Metals Inc., which is focusing on a graphite project concentrated in Quebec.

Natural Resources Minister Jonathan Wilkinson says working with the US will help ensure supplies of critical minerals needed for the green and digital economy.

The U.S. Department of Defense says its investments are consistent with its National Defense Industrial Strategy and demonstrate a shared commitment to strengthening North American material supply chains.

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

Lomiko, which is receiving $4.9 million from Canada and $8.4 million from the US, says the twin investments are an exciting milestone as the company helps drive the energy transition.

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

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The Canadian Press