US military awards $14.8M to Canadian critical minerals firms

By Zi-Ann Lum | 05/16/2024 12:49 PM EDT

The investment news follows the Biden administration’s move to target China with sweeping tariffs.

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.