The Canadian Government has announced a C$10m ($7.26m) investment to support critical minerals mining in Northern Ontario.
The government allocated C$5m ($3.63m) investments each to Mining Innovation Rehabilitation and Applied Research Corp (MIRARCO) and Electra Battery Materials to support the global demand for battery metals.
Canadian Minister of Energy and Natural Resources Jonathan Wilkinson said: “Today’s total investment of C$10m to Electra and MIRARCO will help to advance the development of dynamic and competitive critical minerals value chains in Canada and Northern Ontario.
“This funding will increase mineral and energy security, create good jobs and support economic opportunities — supporting our work to build a cleaner Canada and a prosperous, sustainable economy that works for everyone.”
The financing comes from the Critical Minerals Research, Development and Demonstration programme, which is integral to Canada’s Critical Minerals Strategy.
MIRARCO will use the funding to enhance technological processes for recovering battery metals such as nickel, cobalt, and copper from mine tailings, particularly from the Vale and Glencore mines in the Sudbury area.
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
This initiative is expected to reduce the environmental and social costs associated with mine waste.
Electra Battery will use its funding to progress its battery materials recycling project.
Electra is in the process of constructing the only North American refinery capable of producing battery-grade cobalt.
The new capital injection will enable the continuous demonstration of Electra’s proprietary technology, proving its scalability and profitability.
Electra Battery CEO Trent Mell said: “We are strengthening our development timelines through our partnerships with government and industry, such as with Three Fires Group with which we are exploring developing a battery material shredding facility in Ontario.
“Our refinery is positioned to be the first-of-its-kind for recycling, a low-carbon hydrometallurgical black mass facility in North America and could provide recycling as a service to the many gigafactories coming to Ontario.”
The projects are among almost 130 mining projects planned or under development in Canada over the next decade, with a combined value of C$93.5bn, according to Natural Resources Canada.
