Ottawa is considering a major new round of spending on critical minerals that could help Canada become more competitive with the United States, and boost the fortunes of junior miners struggling to raise funds after the federal crackdown on Chinese investment.
As part of U.S. President Joe Biden’s US$440-billion Inflation Reduction Act, or IRA, the U.S. Department of Energy last year earmarked US$40-billion in loan guarantees for North American critical minerals companies, with some Canadian miners among the expected recipients.
The U.S. Department of Defence is also considering funding dozens of early-stage feasibility studies for Canadian critical minerals companies that could run in the hundreds of millions of dollars.
The Biden administration also started offering U.S. consumers rebates of up to US$7,500 on electric cars built using predominantly North America-sourced critical minerals.
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