Subjects: POL, CFG
Government of Canada invests in clean technology for the mining industry
Quebec-based Alliance Magnesium to recycle tailings and produce valuable metal
DANVILLE, QC, Oct. 19, 2018 /CNW/ - Across Canada, companies on the leading edge of innovation and job creation are advancing clean technologies in all sectors of the economy and finding new ways to solve the world's environmental challenges. That's good for everyone as clean technologies not only lead to well-paying jobs that support the Canadian economy but also help Canada meet its climate change goals.
Today, the Honourable Marie-Claude Bibeau, Minister of International Development and Member of Parliament for Compton?Stanstead, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced an investment of $12 million in Alliance Magnesium (AMI). The funding is being provided by Sustainable Development Technology Canada (SDTC), which works with Canadian companies to bring clean technologies to market.
Building on the success of its pilot plant in Quebec, Alliance Magnesium will use the STDC funding to support the second phase of demonstrating its clean magnesium production technology. The company's innovative process recycles tailings from mining activity to produce magnesium metal. As the demand for magnesium metal increases in areas such as automotive manufacturing, today's investment will help ensure Alliance Magnesium is well positioned to become a global leader in clean technology solutions for the mining sector, which will create well-paying jobs, support the Canadian economy and help Canada meet its climate change goals.
The investment announced today aligns with recommendations received from industry leaders, as outlined in the Clean Technology Economic Strategy Table's report, to address gaps in scale-up financing that will accelerate the growth of Canadian clean technology companies. Investments in clean technology are also part of the Government of Canada's Innovation and Skills Plan, a multi-year strategy that is positioning Canada to be a global centre for innovation, creating good middle-class jobs right across the country.
Quotes
"Asbestos production is banned in Canada. However, investments such as the one in Alliance Magnesium are key to Canada's transition to a greener economy. The federal government's support for the company's production of magnesium from asbestos tailings will contribute to regional economic diversification efforts in the RCM des Sources and will benefit its residents."
? The Honourable Marie-Claude Bibeau, Minister of International Development
"Our government wants to make sure Canadians are in the best possible position to scale up technologies and capture the growing clean technology market. Investments in clean technology will help address the world's biggest environmental problems while creating more jobs."
? The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"Alliance Magnesium's progress?as it scales its successful pilot plant?is a great example of how a Canadian company is developing a globally competitive clean technology solution for the mining sector."
? Leah Lawrence, President and CEO, Sustainable Development Technology Canada
"We are very happy to receive this major financial contribution from the federal government. It shows that the government recognizes the value of AMI's work in developing green technologies and reducing GHGs in the transportation and light metal alloy industries. Not only does our reclamation of mining waste technology have the potential to generate international interest but it also complies fully with sustainable development, environmental protection and population health and safety policies."
? Dr. Joël Fournier, President, Alliance Magnesium
Quick facts
- Today's investment in Alliance Magnesium will create 70 direct jobs.
- Sustainable Development Technology Canada helps Canadian entrepreneurs develop and demonstrate new environmental technologies that address climate change, clean air, clean water and clean soil challenges.
- In Budget 2017, the Government provided over $2.3 billion to help clean technology firms grow and expand.
- This includes $400 million to recapitalize Sustainable Development Technology Canada's SD Tech Fund, which supports the development and demonstration of early-stage clean technology projects, and nearly $1.4 billion in new financing through the Business Development Bank of Canada and Export Development Canada.
- Experts expect the global clean technology market to grow to $2.5 trillion by 2022.
Associated links
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SOURCE Innovation, Science and Economic Development Canada
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