The president seemed to suggest at one point that the value-added jobs would go to the U.S.
There was a pot of gold at the end of President Joe Biden’s jaunt to Canada. It’s going to Canada’s mining sector. The U.S. military will deliver funds this spring to critical minerals projects in both the U.S. and Canada. The goal is to accelerate the development of a critical minerals industry on this continent.
The context is the United States’ intensifying rivalry with China. The U.S. is desperate to reduce its reliance on its adversary for materials needed to power electric vehicles, electronics and many other products, and has set aside hundreds of millions of dollars under a program called the Defence Production Act.
The Pentagon already has told Canadian companies they would be eligible to apply. It has said the cash would arrive as grants, not loans. On Friday, before Biden left Ottawa, he promised they’ll get some.
The White House and the Prime Minister’s Office announced that companies from both countries will be eligible this spring for money from a $250 million US fund.
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