The federal government of the United States is working toward helping battery manufacturers and miners in America expand into the neighboring country, Canada. This is part of the government’s strategy to counter Chinese dominance in the market and improve the regional production of minerals that are used to make electric cars.
Last week, the U.S. Department of Commerce hosted a virtual meeting with battery manufacturers and miners to talk about different ways to improve production of electric vehicle materials over in Canada. This move comes at a time when demand for electrified transportation is set to rise tremendously over the next 10 years.
Conservationists have taken a stand against various huge mining projects in the U.S., which has led officials to look to Canada to supply of some of the minerals that have been categorized as critical for national defense by the government. Livent Corp, Talon Metals Corp, Albermarle Corp and Tesla Inc. are some of the companies that attended last week’s meeting to discuss ways the government can assist companies in the U.S. to overcome logistical challenges and expand in Canada.
This event follows a meeting between Canadian Prime Minister Justin Trudeau and U.S. President Joe Biden last month, which concluded with both leaders committing to build an electric vehicle (“EV”) supply chain between the two nations.
Since Biden was elected, three mining companies from the U.S. have invested in Canada, where mining makes up 5% of the nation’s GDP. Over in the U.S., mining accounts for only 0.9% of the national gross domestic product.
The chief executive of Fortune Minerals Ltd., a Canadian mining company that is developing a cobalt mine in Northwest Canada, stated that the company also held financing talks with the U.S. Export/Import Bank. CEO Robin Goad added that the U.S. was taking this agreement seriously.
Industry executives explained that li-ion batteries are dangerous to transport over long distances, which is why automakers prefer to build the batteries near assembly plants. This, they said, should help Quebec and Ontario develop their own battery cell plants, with both provinces close to automakers in Ohio and Michigan.
Pallinghurst CEO Arne Frandsen,noted that the border between the U.S. and Canada was inconsequential with regard to electric vehicle minerals and electric vehicles. Pallinghurst is a mining investment group and the biggest shareholder of Nouveau Monde Graphite Inc., which is constructing an anode plant and a graphite mine in Quebec.
Meanwhile, lot of mining companies have run the gauntlet of the lengthy and complex permitting process in the U.S., and those companies are conducting mining operations profitably. One such firm is Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), which has successful operations in Texas, Wyoming and Utah.
NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU
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