Ottawa and Washington have teamed up for the first time to jointly invest in two early-stage Canadian mining exploration companies, as they attempt to bolster the North American supply chain of critical minerals in the face of Chinese dominance.
The funding from the U.S. is coming from the Department of Defense under the auspices of the Defense Production Act. U.S. President Joe Biden invoked the act in 2022 to spur investment in critical minerals such as lithium, cobalt, graphite and battery-grade nickel, all of which are essential components in low carbon energy.
London, Ont.-based Fortune Minerals is receiving $8.7-million from the U.S. and $7.5-million from Canada. This company’s main focus is building its NICO mine in the Northwest Territories and refinery in Alberta.