View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 5, 2022

Canada plans $1.6bn investment on critical minerals for EV battery

The country’s critical mineral strategy will focus on innovation and exploration, driving research, among others.

Canada plans to include an investment of at least $1.6bn (C$2bn) in its federal budget to boost production of critical minerals for the electric vehicle (EV) battery supply chain, reported Reuters citing two senior government sources.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

The federal budget is due to be released by Prime Minister Justin Trudeau’s government on 7 April.

Expected to spread over more than one year, the investment in the mineral strategy would help accelerate the production and processing of critical minerals, including nickel, lithium, cobalt and magnesium, according to sources.

The country’s critical mineral strategy will focus on innovation and exploration, driving research, among other things, one of the sources was quoted as saying.

Canadian Natural Resources Minister Jonathan Wilkinson was cited by the news agency in a recent telephone interview: “There are some particular projects that we are looking at and working on at the present time.”

Wilkinson added that all the potential projects, ‘whether they’re extraction or processing, need to be accelerated significantly, and that’s what the critical mineral strategy will be about.’.

There has been no official confirmation on whether the country’s investment in the mineral strategy would be included in the budget plan.

Freeland press secretary Adrienne Vaupshas said: “Canada has an abundance of valuable critical mineral deposits, and with the right investments, this sector can create thousands of new good jobs, grow our economy, and make Canada a vital part of the growing global critical minerals industry.”

In a separate development in Canada, Avalon Advanced Materials reached an agreement with India’s Essar Group unit RenJoules International to jointly fund and develop a lithium refinery in Thunder Bay, Ontario.

Estimated to cost $400m (C$500m), the lithium refinery will be operated by a newly established Avalon subsidiary, called Avalon Lithium Inc., in which Essar will become co-owner.

It will have an initial production capacity of 20,000tpa of lithium hydroxide and/or lithium carbonate.

Construction on the lithium refinery is planned to start this year, with completion scheduled by 2025.

Related Companies

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The mining industry's most comprehensive news and information delivered every month. The mining industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Mining Technology