Canada Growth Fund Invests In Quebec Graphite Project

The Government of Canada has welcomed a major investment aimed at strengthening the country’s critical minerals sector and supporting clean technology development. François-Philippe Champagne announced that the Canada Growth Fund will invest approximately US$82 million (C$113 million) in Nouveau Monde Graphite.

The investment is part of a larger financing package worth about US$297 million, which also includes contributions from Eni S.p.A., Investissement Québec, and public equity funding. The funding will support the development of the Matawinie Mine, located in Saint-Michel-des-Saints.

Officials say the Matawinie Mine is expected to become one of the largest graphite mining operations in North America. The project will play a key role in building a fully integrated Canadian graphite supply chain, including mining and refining activities. Graphite is an essential material used in electric vehicle batteries, clean technologies, and advanced manufacturing.

In addition to the mining project, the investment will support the continued development of a graphite refining facility in Bécancour, Quebec. Together, these projects aim to position Canada as a reliable supplier of critical minerals while reducing dependence on international sources.

The government highlighted that expanding domestic production of graphite will help create high-quality jobs and support long-term economic growth. Previous investments in the project have already contributed to the creation of more than 100 jobs, with additional employment opportunities expected in the coming years.

Officials also emphasized that Canada’s access to low-emission electricity gives it a competitive advantage in producing sustainable materials for global markets. Strengthening the critical minerals sector is seen as an important step in supporting the transition to clean energy and building a more resilient economy.

The investment reflects Canada’s broader strategy to secure supply chains, promote innovation, and maintain a strong position in key industries such as clean technology and advanced manufacturing.