The upcoming Canadian federal budget will include $2 billion for a strategy to accelerate the production and processing of critical minerals needed for the EV supply chain.
This, at least according to reporting by Reuters, who had two government officials confirm the reports.
The investment will ramp up investments for minerals used in EV production. This includes the extraction and processing of nickel, lithium, magnesium and cobalt.
Although the sources did not confirm specifics or timelines, the funding does look to be for more than a year.
Natural Resources Minister Jonathon Wilkinson spoke to Reuters recently and said:
There are some particular projects that we are looking at and working on at the present time. Whether they’re extraction or processing, need to be accelerated significantly, and that’s what the critical mineral strategy will be about.
Currently, Natural Resources Canada has a list of 31 critical minerals as part of Canadian Minerals and Metals Plan. It is not clear if the funding will include all 31, or only the specific materials used in the production of EVs.
A few weeks ago, Ontario released its provincial critical minerals strategy to help secure resources for the auto sector.
As of right now, General Motors, Ford and Stellantis have all confirmed that they will produce both EVs or EV batteries in Ontario
