Electra backs Ontario’s C$500m critical minerals processing fund
Electra Battery Materials, which is focused on developing North America's only cobalt sulphate refinery, has welcomed the Ontario government’s C$500-million Critical Minerals Processing Fund, stating that it will help to strengthen domestic battery supply chains and support energy independence.
Unveiled as part of the province’s 2025 Budget, the fund is aimed at accelerating strategic mineral processing projects and bolstering Ontario’s growing electric vehicle and battery manufacturing ecosystem.
The processing fund was first mooted by Premier Doug Ford during the Prospectors and Developers Association of Canada show earlier this year.
Electra said on Wednesday that the funding would also create new economic opportunities in northern Ontario communities.
CEO Trent Mell stated that Electra was committed to advancing domestic critical minerals capabilities, highlighting the SelectUSA Investment Summit in Washington, where he met with key stakeholders, including newly appointed US Ambassador to Canada Pete Hoekstra and Canada’s Ambassador to the US Kirsten Hillman.
“As the global race to secure critical mineral supply chains intensifies, the need for a North America-first approach has never been clearer,” Mell said. “Recent US policy discussions on partnerships for mineral rights, including in the Democratic Republic of Congo, underscore the strategic importance of securing domestic resources.”
“Electra remains at the forefront of this effort, with the only cobalt sulphate refinery on the continent, positioned to play a vital role in both new energy innovation and national security,” he added.
The company also congratulated newly appointed Canadian federal Cabinet Ministers and said their leadership would be instrumental in advancing clean energy, critical minerals, and industrial innovation.
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