The Canadian and U.S. governments say they're co-investing in critical mineral producers for the first time as they work to boost regional supplies. Jonathan Wilkinson, Minister of Energy and Natural Resources, provide an update on the forecast for the 2024 wildfire season during a press conference at the National Press Theatre in Ottawa on Thursday, May 9, 2024. THE CANADIAN PRESS/Sean Kilpatrick
The Canadian and U.S. governments say they're co-investing in critical mineral producers for the first time as they work to boost regional supplies. Jonathan Wilkinson, Minister of Energy and Natural Resources, provide an update on the forecast for the 2024 wildfire season during a press conference at the National Press Theatre in Ottawa on Thursday, May 9, 2024. THE CANADIAN PRESS/Sean Kilpatrick
skpOTTAWA - The Canadian and U.S. governments say they're co-investing in critical mineral producers for the first time as they work to boost regional supplies.
Natural Resources Canada and the U.S. Department of Defense are together putting a total of about $32.5 million into Fortune Minerals Ltd., working on a project with bismuth and cobalt in the Northwest Territories, and Lomiko Metals Inc., focused on a graphite project in Quebec.
Natural Resources Minister Jonathan Wilkinson says the collaboration with the U.S. will help secure supplies of critical minerals that are needed for the green and digital economy.
The U.S. Department of Defense says its investments align with its national defense industrial strategy and show a shared 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., says the company is grateful for the funding because it has been difficult to attract investments for critical minerals in traditional capital markets.
Lomiko, to receive $4.9 million from Canada and US$8.4 million from the U.S., says the twin investments is an exciting milestone as it works to help supply the energy transition.
This report by °µÍø½ûÇø was first published May 16, 2024.
Companies in this story: (TSX:FT)
°µÍø½ûÇø. All rights reserved.
Get the latest from °µÍø½ûÇø News in your inbox. Select the emails you're interested in below.
The Canadian Pharmacists Association says the painkiller shortage in Canada should…
A Montreal restaurant says pop star Katy Perry and former prime minister Justin Tr…
Sorry, an error occurred.
Already Subscribed!
Cancel anytime
Thank you .
Your account has been registered, and you are now logged in.
Check your email for details.
Submitting this form below will send a message to your email with a link to change your password.
An email message containing instructions on how to reset your password has been sent to the email address listed on your account.
No promotional rates found.
Secure & Encrypted
Thank you.
Your gift purchase was successful! Your purchase was successful, and you are now logged in.
| Rate: | |
| Begins: | |
| Transaction ID: |
A receipt was sent to your email.
