Feds pitch $2B fund for critical minerals investments

OTTAWA — The federal budget says Canada will take out equity stakes in critical mineral projects to open up mining and position Canada as a major global supplier.

The federal budget, released Tuesday in Ottawa, outlines a plan for a $2 billion “critical minerals sovereign fund” over five years for equity investments, loan guarantees and offtake agreements.

Ottawa is also planning to add a dozen more critical minerals to its exploration tax credit list.

Many of the minerals and metals on the list play roles in Canada’s EV and battery supply chains. Many of the newly added minerals, such as tin, tungsten and chromium, have defence applications. They’re also used in the energy sector and to build semiconductors and clean technology.

“The scale of the opportunity for Canada on critical min