Canada invests $70m in Seymour Lake lithium project

Export Development Canada (EDC) has provided up to C$100 million ($70m) in financing to develop the Seymour Lake lithium project in Ontario. Seen as a key asset, the lithium mine operated by Australia’s Green Technology Metals could become the province’s first lithium producer.

On Dec. 23, Green Technology received a letter of interest from EDC. It outlined financial support, pending reviews and due diligence, the company said in a statement Monday. The province wants to build critical mineral supply chains for the energy transition.

EDC, a federal Crown corporation, has closed 540+ deals in renewables, mining, and infrastructure as Canada advances strategic clean energy projects. Green Technology plans to use EDC’s funding alongside interest from a global lending base to secure the financial backing for construction.

In October, the Canadian government set aside up to C$13.8 million through the Critical Minerals Infrastructure Fund (CMIF). This is for five projects in northwestern Ontario. It’s part of a national strategy to improve access to its mineral wealth.