Canada and US jointly invest $32.4M in Canadian mining firms Fortune Minerals and Lomiko Metals to boost North American supply chains of critical minerals and challenge China's dominance.
Canada and the US have jointly invested $32.4m in two early-stage Canadian mining exploration companies, Fortune Minerals and Lomiko Metals, to boost North American supply chains of critical minerals and counter Chinese dominance. The funding from the US is part of the Defense Production Act and is aimed at spurring investments in critical minerals such as cobalt, lithium, graphite, and battery-grade nickel, crucial components in low-carbon energy technology. The Canadian contribution is part of the $3.8bn funding for the critical minerals sector announced in the federal 2023 budget.
May 16, 2024
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