The United States Department of Defense announced awards of $6.4 million and $8.3 million to Canadian companies Fortune Minerals Limited and Lomiko Metals, Inc. via the Defense Production Act Investment (DPAI) program: https://lnkd.in/eixskdv4 The awards will help support the U.S. - Canadian Joint Action Plan on Critical Minerals by building resilience in the cobalt and graphite supply chains. In concert with the funding provided by DPAI, the Department of Natural Resources Canada will support the efforts with $5.6 million and $3.6 million to Fortune and Lomiko respectively. “As some of the first awards to Canadian public mining and mineral development companies, these grants exemplify the critical importance of DPA funds, the Department’s partnership with Canada, and our shared commitment to strengthening North American material supply chains,” said Dr. Laura Taylor-Kale, Assistant Secretary of Defense for Industrial Base Policy. Announced in January 2020, the U.S. - Canadian Joint Action Plan on Critical Minerals advances both countries' common interest in strengthening North American critical mineral production needed for defense, aerospace, clean energy, communication, and other key industries. The plan outlines bilateral commitments to collaborate on industrial base investments, public-private partnerships, and other projects to onshore and expand these capabilities. These awards also exemplify the 2024 National Defense Industrial Strategy in action to continue and expand support for domestic production of critical minerals. #ExpandTheBase #SucceedThroughTeamwork #NDIS
Yay Canada!
Air Force veteran with over 30 years of experience as a Financial Analyst.
5moUnless they’re the only agency using the materials, why is the DoD paying for this?