Aiming to position itself as a first-class producer of critical minerals during the energy transition, Canada is making a further investment of up to C$60 million ($42 million) towards two priority regions in the north: the Yukon Territory and British Columbia’s Golden Triangle.
The investment was announced last week by Jonathan Wilkinson, Minister of Energy and Natural Resources, alongside BC’s Minister of Energy, Mines and Low Carbon Innovation Josie Osborne and Yukon Premier Ranj Pillai.
The C$60 million in funding, subject to final due diligence by Natural Resources Canada (NRCan), will be divided between two key infrastructure projects for critical minerals mining, one in each region.
Approximately C$20 million will fund the construction of a 43-km access road linking the proposed Galore Creek copper mine located in Tahltan Territory in northern BC. The deposits at Galore Creek are estimated to contain over 12 billion lb. of copper, which would significantly increase Canada’s annual copper supply once in production. The mine is being developed under a 50/50 joint venture between Newmont and Teck Resources.
The other C$40 million will be used by the Yukon government to undertake pre-feasibility activities to advance a 765-km, high-voltage transmission line network that would connect the Yukon electrical grid to the North American grid in BC. The transmission line, says NRCan, could support projects producing critical minerals such as cobalt, copper, molybdenum, nickel, platinum group metals, tungsten and zinc.
These infrastructure projects, combined with the recently announced Northwest BC Highway Corridor Improvements Project, are key to facilitating critical minerals development in the Golden Triangle, which holds approximately 75% of Canada’s known copper reserves, and Yukon, NRCan adds.
The fundings, if approved, are to be provided through the Critical Minerals Infrastructure Fund (CMIF) — a key program under the Canadian government’s strategy to address infrastructure gaps and enable sustainable critical minerals production.
“These two projects, under the Canadian Critical Minerals Strategy’s flagship program, will develop the necessary infrastructure to access and transport our rich critical mineral resources in northern BC and the Yukon,” Minister of Energy and Natural Resources Jonathan Wilkinson stated in a press release on Friday.
“Developments like these help mines get built faster, and they are a key element in seizing the generational opportunity before us. These investments are needed to support critical minerals development in the region, improve community access and safety, and create good mining jobs across British Columbia and the Yukon,” he added.
Source: MINING.COM – Read More
