EDC supports Canada's critical minerals sector with $110 million financing for Torngat Metals Français
Financing will support pre-construction activities for the Strange Lake project
OTTAWA, ON, June 17, 2025 /CNW/ - Today, Export Development Canada (EDC) is announcing a $110 million bridge financing to Torngat Metals to support the next phase of its Strange Lake rare earth project.
Anticipated to be one of the largest heavy rare earth deposits outside of China, the Strange Lake Project could play an important role in strengthening Canada's mining supply chain, while also creating jobs and enhancing Canada's global competitiveness. Once in operation, the project will employ approximately 450 workers, with a focus on Indigenous recruitment from Quebec and Labrador, fostering economic reconciliation and community-driven development. As part of the project, Torngat Metals aims to develop an open-pit mine site and concentration plant in Nunavik, along with a single-lane access road linking the site to Labrador and a separation plant.
EDC's financing will support pre-construction activities, including engineering and environmental studies. This marks the first time EDC has extended financing to an early-stage mining project, reflecting its commitment to support the responsible development of the critical minerals sector in Canada and to contribute to the Government of Canada's Critical Minerals Strategy.
The Canada Infrastructure Bank (CIB) is committed to provide a $55 million enabling infrastructure loan which will help upsize EDC's bridge loan facility to further advance the next stage of the project. With complementary financing capabilities, CIB and EDC are well-equipped to attract private sector investment and drive the growth of Canada's critical minerals infrastructure.
"This is a first-of-its-kind transaction for EDC, reflecting our commitment to taking strategic risk for sectors of strategic interest. The well-capitalized nature of the Strange Lake project allowed us to seize the opportunity to do something unprecedented—providing early-stage financing for critical mineral development," said Alison Nankivell, EDC's President and CEO. "Canada is in a nation-building moment and EDC is proud to support this project, which could have a transformative impact on Canada becoming a reliable and responsible source of rare earth minerals."
"Canada has the potential to bring a significant amount of critical minerals into production, supporting electrification, decarbonization, and national security," said The Honourable Maninder Sidhu, Minister of International Trade. "EDC's financing reinforces the Government of Canada's commitment to enabling sustainable and strategic growth for Canada's critical mineral development. The Strange Lake Project supports Canada's long-term vision for a secure and sustainable critical minerals industry, which is essential to the global energy transition."
"We are pleased to partner with EDC to advance the Strange Lake project, a milestone in Canada's rare earth development," said Yves Leduc, Chief Executive Officer of Torngat Metals. "EDC's financing will allow us to move forward with essential pre-construction activities, contributing to the establishment of a responsible rare earth supply chain in Canada, which is vital for the global energy transition."
EDC has a long-standing history of supporting Canada's mining industry, helping businesses across the minerals and metals supply chain. This project has the potential to boost Canada's global competitiveness in the international rare earth market.
About EDC
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians. For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Market Online
an hour ago
- The Market Online
Teck secures environmental approval for Highland Valley Copper Mine life extension
The B.C. government has officially issued Teck Resources (TSX:TECK) an Environmental Assessment Certificate for its Highland Valley Copper Mine Life Extension (HVC MLE) project This approval marks a significant step forward in extending the life of Canada's largest open-pit copper mine, located near Logan Lake in B.C.'s Interior The HVC MLE project aims to extend the mine's operational life into the mid-2040s Teck Resources stock (TSX:TECK) last traded at C$52.65 Teck Resources (TSX:TECK) announced a major milestone for its Highland Valley Copper Mine Life Extension (HVC MLE) project, as the Government of British Columbia has officially issued an Environmental Assessment Certificate. This approval marks a significant step forward in extending the life of Canada's largest open-pit copper mine, located near Logan Lake in B.C.'s Interior. The HVC MLE project aims to extend the mine's operational life into the mid-2040s, supporting the long-term supply of critical minerals essential to North America's clean energy transition. Site preparation is expected to begin shortly, alongside efforts to secure additional permits. A final construction sanction decision by Teck's Board of Directors is anticipated by Q3 2025. 'This positive decision by the Government of B.C. will support extending the life of Canada's largest copper mine, strengthening the North America critical minerals supply chain and contributing to jobs and economic activity,' Jonathan Price, Teck's president and CEO said in a news release. 'This is an important step forward that positions the project for a final construction sanction decision in the near term.' The project is expected to generate approximately 2,900 jobs during its construction phase. Once operational, the extended mine will support around 1,500 direct jobs and contribute an estimated C$500 million annually to British Columbia's GDP. Teck also acknowledged the collaboration and input from Indigenous governments, local communities, and stakeholders throughout the environmental assessment process. The company emphasized its commitment to responsible resource development and sustainable economic growth in the region. The Highland Valley Copper Mine has been a cornerstone of B.C.'s mining sector for decades, and the life extension project is poised to ensure its continued contribution to the province's economy and the global copper supply chain. Teck is a Canadian resource company with a portfolio of copper and zinc operations across North and South America, in addition to a copper growth pipeline. Teck Resources stock (TSX:TECK) last traded at C$52.65 and has lost 18.84 per cent since this time last year. Join the discussion: Find out what everybody's saying about this copper mining stock on the Teck Resources Limited Bullboard and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
CTV News
an hour ago
- CTV News
Rural Oklahoma strives to become American hub for critical minerals processing
LAWTON, Oklahoma — Nestled beneath Oklahoma's Wichita Mountains sits a two-story warehouse containing the only machine in the United States capable of refining nickel, a crucial energy transition metal now dominated by China. The facility, owned by startup Westwin Elements, aims to help Oklahoma become the epicentre for U.S. critical minerals processing, a sector the country largely abandoned decades ago. The state will have to overcome several obstacles to get there, including a lack of major critical mineral deposits, a weak education system and its location at the centre of the United States - far from international shipping lanes. Yet Oklahoma's push into minerals processing marks an unexpected twist in the country's efforts to wean itself off Chinese rivals who have blocked exports. U.S. President Donald Trump has said he wants to boost U.S. production of minerals used across the economy. In Oklahoma, the country's only nickel refinery, its largest lithium refinery, two lithium-ion battery recycling plants, a rare earths magnet facility, and several electronic waste collection facilities are under construction or in operation - more than in any other state. They join a Umicore site that produces germanium crystals for solar panels. An aluminum smelter - the country's first since 1980 - is set to break ground next year at a site bordering an Arkansas River tributary. 'I've strategically made a conscious effort to go after some of these new industries that I think are going to be critical,' Governor Kevin Stitt, a Republican, told Reuters. 'There's money flying into critical minerals from the investment side, so it might as well be located in Oklahoma.' Investors and corporate executives say the state's location, lack of mineral deposits, and other detracting factors are outweighed by a string of positives: Oklahoma has railways and highways bisecting the state en route to the three U.S. coasts, a workforce with deep energy experience, state rebates and other financial incentives, a large inland port with access to the Mississippi River watershed, and accommodating regulators. Officials boast on social media that Oklahoma is a 'one phone call state,' a description meant to evoke what they see as a streamlined regulatory process. Australia-based MLB Industrial, a startup that supplies lithium-ion batteries to the locomotive industry, expanded its business to Oklahoma earlier this year for that very reason. 'Other states were looking for a large, established company to invest, rather than a company with a growth profile,' said Nathan Leech, MLB's CEO, who moved his family to Oklahoma. 'We intend to grow in Oklahoma.' A nickel refinery, in particular, has been sought by Washington for years but Chinese market dumping had scared away would-be entrants, said a source familiar with the Trump administration's minerals policy. KaLeigh Long founded Westwin and named it after her desire for the U.S. to shake off Chinese minerals dependence - as she puts it, 'The West will win.' The firm has built a demonstration facility 137 km south of the state capital that it says can refine 200 metric tons of nickel annually and will expand to produce 34,000 metric tons per year by 2030. If successful, the Westwin facility would refine ten per cent of America's annual nickel needs, demand projections from Benchmark Mineral Intelligence show, drawing on rock taken from Turkish and Indonesian mines, as well as recycled U.S. batteries. Even as Oklahoma promises state tax rebates and other incentives, Westwin is lobbying Washington not to eliminate a federal production tax credit heavily opposed by Republicans along with other green energy subsidies enacted by former President Joe Biden, as Reuters reported earlier this month. Westwin is in negotiations with the Pentagon for a nickel supply deal that would keep metal inside the United States to make batteries for military drones and other equipment, according to a source familiar with the deliberations. Sustainable power Roughly 354 km northeast, a lithium refinery under construction from Stardust Power aims to produce 50,000 metric tons of the battery metal per year, about a fifth of what the U.S. is expected to need by 2030. Japan's Sumitomo signed a preliminary agreement in February to buy up to half of the facility's output. Stardust aims for the plant to filter lithium from brines - something that has yet to happen at commercial scale - and will have roughly the same capacity as Tesla's refinery under construction in Texas. It will be powered in part by renewable energy; nearly half of the state's electricity is generated by wind turbines. 'That was a huge draw,' said Roshan Pujari, Stardust's CEO. The company is pushing forward even after rival Albemarle paused plans to build a large U.S. refinery, citing weak lithium prices. 'During these down cycles is the best time to be developing, because why do we want prices to be high when we have nothing to sell?' Pujari said. USA Rare Earth, which went public earlier this year, chose Oklahoma over Texas for its rare earths magnet facility given what it felt was the personalized support from Stitt and other officials, said CEO Josh Ballard. Magnets made from rare earths turn electricity into motion for EVs; the U.S. stopped making them in the 1990s. Ballard says the facility is slated to open early next year and initially produce 1,200 metric tons annually, enough magnets to build more than 400,000 EVs. That supply is already highly sought after in the United States since China placed export restrictions on rare earths in April. Ballard said he has been fielding 'a lot of phone calls' since April from prospective customers. The company on Tuesday signed a preliminary supply agreement with Moog MOGa.N for magnets used in AI data centres. 'We can do this quickly. It's just a matter of how do we do it, and can the government help be a catalyst?' said Ballard. The company could get a boost from legislation introduced earlier this month by three U.S. senators - including Oklahoma's Markwayne Mullin - that would provide a tax credit for roughly 30 per cent of the cost to manufacture a magnet made from rare earths. Elsewhere, two Oklahoma battery processing facilities - from Green Li-ion and Blue Whale Materials - will break down lithium-ion batteries into copper and other building blocks for new batteries. Natural Evolution, in Tulsa, is spearheading a push to expand electronic waste recycling. Green Li-ion, which has a recycling facility in Atoka - Country music star Reba McEntire's hometown - has held talks with Glencore as well as Westwin about buying a recycled version of battery scrap known as MHP, or mixed hydroxide precipitate, that can be used to make nickel products, according to two sources familiar with the negotiations. Glencore declined to comment. Most of the country's recycled batteries are exported now to China in the form of black mass, essentially shredded battery parts. Green Li-ion, which is headquartered in Singapore, moved its U.S. operations to Oklahoma given the state's history with oil and gas extraction, skills it sees as complementary to black mass processing. 'This state has a lot of chemical engineers,' said Kevin Hobbie, the company's senior vice president of operations. 'Swinging for the fences' Oklahoma's foray into the energy transition hasn't been all smooth sailing. Tesla supplier Panasonic in 2022 chose Kansas over Oklahoma for a battery plant after the Sunflower State wooed it with US$1 billion in incentives. In January, EV startup Canoo filed for bankruptcy despite a US$1 million state grant and Stitt's commitment for his administration to buy 1,000 of the company's vehicles. Canoo, which had several production facilities in Oklahoma, blamed uncertain demand for its cargo vans. State officials say they are trying to recoup the funds. Stitt said he is not bothered by the bankruptcy. 'We're going to keep swinging for the fences,' he said. The state's education system has also generated negative headlines, due in part to a battle over low standards that could make it difficult to convince high-tech talent and their families to relocate to Oklahoma. The state's pre-kindergarten through twelfth grade educational system, for instance, is ranked 48th out of the 50 U.S. states by U.S. News and World Report, and many schools have moved to a four-day week to save money. Alphabet's Google, which built an Oklahoma data centre in 2011, donated funds to the local school district in part to attract faculty. Oklahoma's superintendent of schools is an elected position over which Stitt has no control. The governor successfully pushed for a school voucher system that he said should attract more families. 'If I create competition, and now a public school has to compete for a student, it's going to make all boats rise and bring more talent to Oklahoma,' Stitt said. The governor said he is focused on helping the minerals refiners in his state grow and is lobbying Trump to require federal contractors to increase the percentage of minerals they buy that are processed in the country. That's a key desire also for Long, the Westwin founder, who spent her youth herding cattle, an experience she said inspired her interest in refining and a reticence for mining. 'After seeing the beef and meat industry, I learned that the packer is the one that seems to take the least amount of risk and yet makes the most amount of money,' she said. 'When I saw mining, I was like, 'The miner is the rancher and the refiner is the packer.' So I decided I want to be the packer.' --- Reporting by Ernest Scheyder; additional reporting by Nick Oxford; Editing by Veronica Brown and Claudia Parsons
Cision Canada
3 hours ago
- Cision Canada
Centraide of Greater Montreal announces investments of $70.3 million in 375 community agencies Français
MONTREAL, June 18, 2025 /CNW/ - Centraide of Greater Montreal has announced that its strategic investments in the community totalled $70.3 million for 2024-2025. This result was revealed in the Report to Our Community presented yesterday at Centraide's annual general meeting. Thanks to this funding, 375 community agencies can provide services and implement concrete projects to fight poverty and social exclusion. This commitment directly benefits approximately 800,000 people who live in the regions of Montreal, Laval and the South Shore. The housing crisis, rising food insecurity, and increased homelessness are exacerbating the vulnerability of many people. This growing precariousness has prompted Centraide to scale up its investments in several key sectors to better address priority issues and support the populations who are most at risk. This approach targets growing needs, particularly in the area of housing, as well as the needs of non-permanent residents, the Indigenous community, and people experiencing homelessness. Centraide also supports about forty neighbourhood roundtables in Montreal, in Laval and on the South Shore to bolster initiatives in disadvantaged and vulnerable areas. These roundtables strive to improve living conditions in local communities through projects that address specific neighbourhood issues. The second largest social and community investor after governments, Centraide is a key social development stakeholder. As an agent of change, it lends its voice for social issues while creating solid connections with the community. Its ability to mobilize people and resources means that it can consult and closely collaborate with partners from across the community, institutional, economic, university and civic sectors. It works with Quebec's Centraide network to efficiently distribute emergency government funds that require swift allocation, which in turn strengthens its impact on the ground. Centraide also helps develop innovative projects to generate lasting change and improve the living conditions of vulnerable populations. "Social emergencies can't wait. Our community support is only possible because of the generosity of our donors and the exceptional commitment of our volunteers and partners," said Claude Pinard, President and Executive Director of Centraide of Greater Montreal. "Thanks to their contributions, Centraide can soundly invest every donation to take effective action in building an inclusive, poverty-free Greater Montreal." New members elected to the Board of Directors In compliance with its governance rules, Centraide has welcomed three new community volunteers to its Board of Directors: Anne-Marie Boucher, Lawyer, BCF and Corporate Director; Renée Loiselle, Partner, Norton Rose Fulbright Canada LLP; and Maha Lebbos, Vice-President, Digital Transformation and Information Systems, Fondaction. Centraide also acknowledges the commitment of its three outgoing Board members: Vice-Chair Marie-Josée Neveu, Partner, Chair of the Partnership Board, Fasken; Normand Bélisle, President, Norbel Management; and Martin Thibodeau, Senior Vice-President and Chief Information Officer, Rona. Centraide has also appointed new people to chair its committees. Marie-Josée Lapierre, Chief Legal Officer and Corporate Secretary, Cominar Real Estate Investment Trust, will chair the Governance Committee. Saad Saade, Vice President, Technology and Transformation, WSP, will chair the Technology Committee. Marie-Hélène Noiseux, Full Professor, Department of Finance, ESG UQAM, will serve as Vice-Chair of the Board while retaining her duties as treasurer. About Centraide of Greater Montreal A true agent of change, Centraide of Greater Montreal is a public foundation whose mission is to bring people together and take action for an inclusive and poverty-free Greater Montreal. To achieve this goal, it supports a network of 375 community agencies and projects in Laval, in Montreal and on the South Shore that improve the living conditions of vulnerable people. Centraide works with the Greater Montreal
