Yellowknife – Canada is committed to supporting strong domestic value chains for critical minerals and the clean technologies and energy sources they enable. The Government of Canada is focused on increasing mineral and energy security, creating good jobs and supporting economic opportunities across critical mineral value chains, from upstream exploration and extraction to downstream processing, manufacturing and recycling.
Jonathan Wilkinson, Minister of Energy and Natural Resources, announced a $714,500 investment in Fortune Minerals Limited (Fortune Minerals) to enhance the production of cobalt sulphate and bismuth ingot products from the company’s planned mine in the Northwest Territories and refinery in Alberta to increase the supply of critical battery metals that are essential to the development of a domestic electric vehicle value chain. This will be achieved through a pilot-scale hydrometallurgical program designed to optimize processing conditions while ensuring that residues from the process are stable for safe disposal.
When completed, the project will also develop new expertise create job opportunities for skilled trades and professional occupations, including Indigenous communities, and introduce a new sustainable technology to other Canadian companies. This investment will help Canada participate directly in the growing market of battery-grade cobalt and other concentrates instead of shipping concentrates overseas for value-added processing.
Funding for this project comes from the Critical Minerals Research, Development and Demonstration (CMRDD) program. The CMRDD aims to advance the commercial readiness of emerging mineral processing unit operations and technologies that will support the development of zero-emission vehicle value chains in Canada by providing raw material inputs for use in batteries and permanent magnets.
Creating domestic processing streams and developing expertise within Canada will support significant opportunities for Canadian workers and help us move toward a more sustainable and prosperous low-carbon future. By making smart investments like this, Canada is ensuring our responsibly sourced resources remain competitive in the global marketplace, while also strengthening domestic value chains.
“Today’s investment of $714,500 for Fortune Minerals will help to advance the development of dynamic and competitive critical minerals value chains through an innovative new processing technology. This means good jobs for workers, more investment in Canadian innovation and lower emissions across the country — all part of our plan to build a cleaner Canada and a prosperous, sustainable economy that works for everyone.” – Jonathan Wilkinson, Minister of Energy and Natural Resources