Canada uncorks $1.1B critical minerals fund

The Canadian government is looking for critical mineral projects to back with a $1.1 billion fund.

The Critical Minerals Infrastructure Fund is organized to support clean energy and electrification projects as well as transportation and infrastructure construction that helps get the minerals to market.

First off from a roughly $220-million pool, applicants can seek up to $36 million per project, while provincial and territorial governments can apply for as much as $73 million for each project. Applications are being accepted until the end of February.

Information on funding opportunities and the applicant guide are available online. More from the fund is to be distributed over its seven-year life, the Ministry of Energy and Natural Resources said in a news release on Monday.

Ottawa started a $2.8 billion critical minerals strategy last year to help develop copper, cobalt, nickel and other metals used in technologies like batteries, wind turbines and solar panels to fight climate change. Canada is among Western nations seeking less dependency on China which controls the majority of critical mineral mining and processing. Governments also see sustainable mining as a means for rural development and employment.