Canada has announced a major investment to strengthen its critical minerals sector, with Finance Minister François-Philippe Champagne welcoming new funding for a large-scale graphite mining project in Quebec. The move is aimed at boosting domestic supply chains and supporting long-term economic growth.
The investment comes from the Canada Growth Fund, which has committed approximately US$82 million (C$113 million) to Nouveau Monde Graphite. This funding is part of a broader financing package worth US$297 million, involving partners such as Eni S.p.A. and Investissement Québec.
The funding will support the development of the Matawinie Mine, located in Quebec, which is expected to become one of the largest graphite mining operations in North America. The project also includes the continued development of a refining facility in Bécancour, forming part of an integrated supply chain for graphite production in Canada.
Graphite is considered a critical mineral due to its key role in clean technologies, including electric vehicle batteries, advanced manufacturing, and energy storage systems. By expanding domestic production, Canada aims to reduce reliance on foreign sources and strengthen its position in the global supply chain.
Officials say the investment will also contribute to job creation and economic development. Earlier funding efforts have already supported the creation of more than 100 full-time jobs, with additional employment expected in the coming years as the project expands.
Minister Champagne described the investment as a strategic step toward enhancing Canada’s economic security and global competitiveness. He emphasized that building strong domestic supply chains for critical minerals is essential for supporting innovation, protecting national interests, and ensuring sustainable growth.
The project highlights Canada’s broader strategy to leverage its natural resources and low-emission energy advantage to become a global leader in clean technology and advanced manufacturing sectors.
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