Canada to invest $2b in minerals

Canada’s federal budget will include an investment of at least C$2 billion ($1.6 billion) for a strategy to accelerate the production and processing of critical minerals needed for the electric vehicle (EV) battery supply chain, two senior government sources said. Prime Minister Justin Trudeau’s government, which is due to release its budget on Thursday, will make the investment to ramp up the extraction and processing of critical minerals including nickel, lithium, cobalt and magnesium, said the sources who are familiar with the matter but were not authorised to speak on record. The investment could be spread over more than one year, but the sources declined to comment on the time frame. Canada last month announced financial support for building two facilities that will make battery materials for electric vehicles, and one battery gigafactory, but no agreements have yet been announced for mineral extraction or refining.

Published in The Express Tribune, April 6^th, 2022.

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