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Home Government of Canada and the United States Co-Invest to Strengthen Critical Mineral Value Chains

News Release

The following content is a news release issued by Natural Resources Canada. The original news release may be found here.

Government of Canada and the United States Co-Invest to Strengthen Critical Mineral Value Chains

Issued by Natural Resources Canada16 May 2024

May 16, 2024 - Ottawa, Ontario - Natural Resources Canada

The development of secure, sustainable North American supply chains requires close collaboration among like-minded partners. That is why Canada and the United States are co-investing in strategically important Canadian critical minerals projects and working to strengthen our supply chains through the Canada-U.S. Energy Transformation Task Force, which was recently renewed for another year. We are accelerating projects and attracting capital to Canada that will develop the critical minerals essential for continental security and our clean energy future.

Today, the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, announced the first co-investment with the U.S. in two Canadian companies developing deposits of critical minerals — Fortune Minerals Limited located in the Northwest Territories and Lomiko Metals, Inc. in Quebec. The two companies are receiving funding from both Canada and the U.S. to accelerate their projects towards production.

Canada’s investment of C$4.9 million in Lomiko will fund pilot plant testing to convert flake graphite into battery-grade material and is joined by an American investment of US$8.4 million through the Defense Production Act Investments (DPAI) office. Canada’s investment of up to C$7.5 million to Fortune will advance engineering and processing for the development of the company’s NICO project to ensure a reliable North American supply of bismuth, in addition to cobalt, copper and gold, and is joined by an American investment of US$6.4 million through the DPAI office. Both investments build on previous Government of Canada funding for Fortune and Lomiko and will support defence applications and the growing demand for long-duration energy storage and electric vehicles.

This announcement is a landmark example of the close bilateral collaboration under the Canada-U.S. Joint Action Plan on Critical Minerals Collaboration and the Canada-U.S. Energy Transformation Task Force, for which it is also a key deliverable.

Co-investment in Canadian projects of strategic importance, like Fortune and Lomiko, supports the U.S. and Canada’s shared vision of strong, sustainable North American critical mineral supply chains. It is this kind of cooperation and integration that will allow us to seize the generational opportunity of the global transition to net zero.

“Canada is positioning itself as a global leader in the supply of responsibly sourced critical minerals for the green and digital economy. Through our work with the United States and other allies, we are developing secure critical minerals value chains that will power a prosperous and sustainable future.”

The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources

Quick facts

In March 2024, Minister Wilkinson announced an investment in Fortune of C$714,500 for a pilot hydrometallurgical process to produce high-purity cobalt sulphate.
In 2023, Canada’s National Research Council provided up to C$500,000 to Lomiko to continue advancing pre-feasibility-level battery trials with its La Loutre natural flake graphite concentrate.
Announced in January 2020, the Canada-U.S. Joint Action Plan on Critical Minerals advances both countries' common interest in strengthening North American critical mineral production needed for defense, aerospace, clean energy, communications and other key industries.
Over the last few years, Canada has made landmark investments across a range of critical mineral and zero-emission-vehicle supply chain projects in Canada. Canada is actively providing support across the industry under the CA$3.8-billion Canadian Critical Minerals Strategy to address barriers through funding and collaboration with provincial and territorial governments, Indigenous groups, mining companies and other Canadian and international partners.
Critical mineral projects in Canada are further supported by the Clean Technology Manufacturing investment tax credit, which bolsters investment in the mining and processing of six critical minerals essential for clean technology supply chains: lithium, cobalt, nickel, graphite, copper and rare earth elements.