OTTAWA — The U.S. Defense Department has awarded $14.8 million to two Canadian companies to mine and process critical minerals in North America just as a trade war heats up with China.
Fortune Minerals and Lomiko Metals will receive funding from the Cold War-era Defense Production Act, the Defense Department confirmed Thursday. Both companies are early-stage miners looking to produce and refine critical minerals for rechargeable batteries with projects proposed in the Northwest Territories and Quebec.
The Canadian government is also pitching $9.2 million in new investments for the two companies on top of the C$770,000 in previously committed federal support in the past year.
Canadian and U.S. officials said in a joint statement that the funds demonstrate a shared “commitment to implementing a joint vision of developing sustainable, integrated critical mineral supply chains” to benefit advanced manufacturing, clean energy and defense sectors.
