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Critical Elements Lithium Corporation has announced it has received conditional approval for up to $20 million in funding from the Government of Canada to support its Rose Lithium-Tantalum Project in Eeyou Istchee James Bay, Quebec. The funding will be allocated to relocating 4.2 kilometers of power transmission lines and constructing a new electrical substation to provide power to the mine site. The investment comes from the Critical Minerals Infrastructure Fund (CMIF), a key component of Canadas Critical Minerals Strategy. The CMIF supports development of critical mineral resources by funding essential transportation and clean energy infrastructure projects. This initiative is designed to strengthen Canadas position in the global critical minerals supply chain. The conditional funding is subject to final due diligence, the execution of definitive agreements, and other standard closing conditions. Jean-Sébastien Lavallée, CEO of Critical Elements, said, “Critical Elements Lithium has been steadily advancing and derisking the Rose Lithium-Tantalum Project and the provision of these funds is an important step in this process. We would also like to note the importance of our strong relationship with our Cree neighbours, embodied by the Pihkuutaau Agreement of July 2019 and based on mutual trust and respect, resulting in a sustainable development approach. It is clear from our ongoing discussions with end-users of the high quality spodumene concentrate to be produced from the Rose Lithium-Tantalum Project, that a great value is placed on the demanding standards of sustainability and governance honed by the rigorous permitting processes at the Provincial and Federal levels, as well as our relationship with the Cree.” Jonathan Wilkinson, Minister of Energy and Natural Resources Canada said, “This project, under the Canadian Critical Minerals Strategy, will help expand Quebec’s sustainable critical minerals production, notably rare earths that are used in electronics, clean energy, aerospace, automotive and defence. Developments like this help mines get built faster, and they are a key element in seizing the generational opportunity before us. The Government of Canada is supporting projects that strengthen Canada’s supply chains, enhance our ability to be a reliable supplier of the critical minerals the world is demanding and foster economic growth while creating good jobs.” The Government of Canadas support underscores the importance of Indigenous engagement and collaboration in developing vital infrastructure in Northern Quebec. It also recognizes the role this infrastructure plays in realizing Critical Elements vision of becoming a large-scale, sustainable, and dependable lithium supplier for the rapidly expanding electric vehicle and energy storage industries. The company is committed to building valuable partnerships with its stakeholders based on care, respect, accountability, integrity, and collaboration. |
