The Canadian and U.S. governments are making their first joint investments in critical mineral producers to enhance regional supplies.
Natural Resources Canada and the U.S. Department of Defense are collaborating by investing approximately $32.5 million in Fortune Minerals Ltd., which is working on a project involving bismuth and cobalt in the Northwest Territories, and Lomiko Metals Inc., focused on a graphite project in Quebec.
According to Natural Resources Minister Jonathan Wilkinson, this partnership with the U.S. will help ensure a stable supply of critical minerals necessary for the green and digital economy.
The U.S. Department of Defense states that these investments support its national defense industrial strategy and demonstrate a shared commitment to strengthening North American material supply chains.
Fortune Minerals is set to receive $7.5 million from Canada and $6.4 million from the U.S., expressing gratitude for the funding due to challenges in attracting investments for critical minerals in traditional capital markets.
Lomiko will receive $4.9 million from Canada and $8.4 million from the U.S., viewing these dual investments as a significant milestone in supporting the energy transition.
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