Canada will take 20 years to recoup Stellantis, Volkswagen subsidies – watchdog
In April, Prime Minister Trudeau said the economic impact of one of the projects would be equal to the value of government investment in less than five years.
The move follows updated guidelines from Canada’s government, released Friday, which make it harder for foreign state-owned companies to pursue deals that target critical minerals.
The certificate of authorization represents an important milestone that would allow Critical Elements to advance project financing discussions to start mine construction.
Lawmakers heard testimony from industry groups that warned Canada will steadily lose investment to the US on everything from steel production to mine development if it doesn’t keep pace with its neighbor.
The joint venture between China’s Tianqi and Australian miner IGO in May produced the nation’s first battery-grade lithium hydroxide at its refinery near Perth.