INDUSTRY BULLETIN: Canada to spend $2 Billion on mineral strategy for EV battery supply chain
Further to the recent announcement by the Ontario Government on their first ever Critical Minerals Strategy, the Federal government has recently disclosed that the upcoming federal budget will include significant funding to support EV battery supply chain development in Canada. Here is the news as published yesterday in the National Post by Steve Scherer:
OTTAWA — Canada’s federal budget will include an investment of at least $2 billion for a strategy to accelerate the production and processing of critical minerals needed for the electric vehicle battery supply chain, two senior government sources said.
Prime Minister Justin Trudeau’s government, which will release its budget this week, will invest some $2 billion to ramp up the extraction and processing of critical minerals including nickel, lithium, cobalt and magnesium, said the sources who are familiar with the file but were not authorized to speak on the record. The investment could be spread over more than one year, but the sources declined to comment on the time frame.
Avalon’s new subsidiary, Avalon Lithium Inc., is now well positioned to take advantage of this program with the recent news of having secured a strategic investing partner in its planned regional lithium refinery in Thunder Bay. Here is a link to that news release: https://www.avalonadvancedmaterials.com/news_media/news_releases/index.php?content_id=958
About Avalon Advanced Materials Inc.
Avalon Advanced Materials Inc. is a Canadian mineral development company specializing in sustainably-produced materials for clean technology. The Company now has four advanced stage projects, providing investors with exposure to lithium, tin and indium, as well as rare earth elements, tantalum, cesium and zirconium. Avalon is currently focusing on developing its Separation Rapids Lithium Project near Kenora, Ontario while looking at several new project opportunities, including re-activating its 100%-owned Lilypad Tantalum-Cesium Project in northwestern Ontario. Social responsibility and environmental stewardship are corporate cornerstones.