An investment from Sustainable Development Technology Canada (SDTC) will capture legacy magnesium from tailings generated during asbestos mining in Quebec. Such improvements help ease the burden resource extraction can place on water resources.
Announced by Marie-Claude Bibeau, Minister of International Development and Member of Parliament for Compton–Stanstead, announced an investment of $12 million in Alliance Magnesium (AMI).
“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,” said Dr. Joël Fournier, president, Alliance Magnesium. “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.”
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.
“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,” said Leah Lawrence, president and CEO, SDTC.
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.
“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,” said Minister Bibeau. “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 investment 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.