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Home Investment News Felts Welcomes Addition of Phosphate to Canada’s 2024 Critical Minerals List

Felts Welcomes Addition of Phosphate to Canada’s 2024 Critical Minerals List

by xyonent
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Felts Co., Ltd. (ASX:FTZ) (Felts or the Company) welcomes the inclusion of phosphate on Canada’s 2024 Critical Minerals List, making it the first company to be designated as a critical mineral.

Canada’s Minister of Energy and Natural Resources, Jonathan Wilkinson, announced the updated list on June 10, 2024. This decision highlights the important role of phosphate in enhancing food security and supporting the energy transition not only in Canada but across the world. Phosphate is used directly as a fertilizer as well as added to fertilizer products such as Fertify™, Felts’ proprietary pellet product, where it is essential to maintain and improve the soil health required for food crops. The addition of phosphate to this list acknowledges the fundamental importance of this mineral and the growing understanding of its need.

Beyond fertiliser, phosphate is essential to the renewable diesel and sustainable aviation fuel industries, and is a vital mineral in the production of lithium iron phosphate (LFP) batteries, which are often used in electric vehicles and are experiencing growing demand.

Felts’ Wapiti and Fernie Phosphate Projects, large, high-quality organophosphate rock deposits in British Columbia, Canada, will benefit from this announcement, as will Felts’ customers who rely heavily on the mineral to produce sustainable, renewable fertilizer products.

Daniel Gleeson, Managing Director and CEO of Felts, said:: “The addition of phosphate to the critical minerals list reflects the importance of this dwindling resource, which is essential for food production and crucial to the transition to a sustainable, low-carbon economy.”

The Government of Canada has made significant investments to support the development of critical mineral projects and associated value chains. These investments include the $1.5 billion Strategic Innovation Fund, the $1.5 billion Critical Minerals Infrastructure Fund, the Indigenous Natural Resources Partnership Program, and First Nations Grants Related to Critical Minerals Infrastructure.

Projects involving minerals on Canada’s 2024 Critical Minerals List, including phosphate, may also be eligible for additional funding, incentives and support from:

  • Canada Growth Fund;
  • Business Development Bank of Canada;
  • Export Development Canada;
  • Canada Infrastructure Bank;
  • Sustainable Development Technology Canada;
  • Tax incentives for scientific research and experimental development.

Fertoz will review these financial assistance incentives and determine whether it is appropriate for Fertoz International (Fertoz’s Canadian subsidiary) to apply, if applicable, on a date to be determined.

Additionally, the Canadian government is working to streamline the permitting process for the development of critical mineral projects, which could be beneficial for Felts.

To read the full ASX release click here

This article contains content from Fertoz Limited, licensed for publication on Investing News Australia. This article is not financial product advice. It is your responsibility to carry out appropriate due diligence before acting on any information provided here. See our full disclaimer here.

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