Graphite mining and refining are foundational to strengthening Canada's economy and positioning the country for long-term growth in strategic sectors. As a critical input for clean technologies, advanced manufacturing, and national security applications, graphite is central to building resilient domestic supply chains and reducing reliance on volatile foreign sources.
Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, welcomed a strategic commitment by the Canada Growth Fund to invest approximately US$82 million (C$113 million) in Nouveau Monde Graphite ("NMG"), a Québec-based graphite miner and refiner. This commitment is part of a US$297 million (C$411M) financing package alongside Eni S.p.A., Investissement Québec and public equity financing.
By expanding Canada's graphite mining and refining capacity, Canada is successfully attracting private investment, creating high paying jobs., and capturing greater economic value at home. This growth leverages Canada's low emissions electricity advantage to support a competitive, sustainable economy for Canadians.
The investment announced today will support NMG as they build a fully integrated Canadian graphite supply chain, backed by a mine at Saint-Michel-des-Saints (the "Matawinie Mine") and the continued development of the Bécancour-based refining facility. The Matawinie Mine is expected to become one of the largest graphite mining operation in North America, which will help position NMG as a strategic supplier for the North American graphite supply chain, an essential input for clean technologies, advanced manufacturing, and national security.
In December 2024, the Canada Growth Fund, as part of a joint C$71 million equity investment with the Government of Quebec, invested approximately C$35.6 million in NMG, its first direct investment in the critical minerals sector. This investment contributed to the creation of 120 full-time Canadian jobs with an expected 180 additional full-time positions by 2030. Furthermore, this allows Canada to maintain intellectual property and technology related to the processing of natural graphite, a key input to the electric vehicle supply chain and energy transition.
