2 hours ago
Swift News
The U.S. government is taking stakes in B.C. mining companies as it looks to reduce America's reliance on China for critical minerals used to produce the high tech batteries for cell phones, electric vehicles and renewable energy.
On Monday, the White House announced it will take a 10 per cent stake in Vancouver-based Trilogy Metals Inc., which has mining interests in Alaska that the U.S. government wants to see developed.
The White House is spending $35.6 million US on the stake, and has options to increase it further in the future. The transaction remains subject to regulatory and other approvals.
The announcement came as U.S. President Donald Trump signed an executive order that directs a road to be built in Alaska allowing access to the Ambler mining district, an area rich in copper where Trilogy Metals has an interest through a joint venture.
U.S. Secretary of the Interior Doug Burgum said the investment will help secure critical mineral supplies.
"They're [Trilogy Metals] one of the companies that has mining claims in this area that is a remote wilderness right now, and again making that investment so we can make sure that we're securing these critical mineral supplies and that ownership in that company will benefit the American people," he said.
The U.S. government said last week it is also taking a minority stake in Lithium Americas, another Vancouver-headquartered company that is developing one of the world's largest lithium mines in Nevada.
