Fertoz Ltd (ASX:FTZ) (Fertoz or the Company) welcomes the addition of phosphate to Canada’s 2024 Critical Minerals List, designating it as a critical mineral for the first time.
Canada’s Minister of Energy and Natural Resources, Jonathan Wilkinson, announced the updated list on 10 June 2024. The decision emphasizes phosphate’s essential role in strengthening food security in Canada as well as globally, and in aiding the energy transition. Phosphate is used directly as a fertilizer and also added to fertilizer products – such as Fertoz’s own Fertify pelleted product – and is crucial to maintaining and improving soil health needed for food crops. The addition of phosphate to this list acknowledges the fundamental importance of this mineral and the growing understanding of its necessity.
Apart from fertilizers, phosphate is integral to the renewable diesel and sustainable aviation fuel industries and is a critical mineral for producing lithium iron phosphate (LFP) batteries, which are common in electric vehicles and growing in demand for use.
Fertoz’s Wapiti and Fernie rock phosphate projects, which are large, high-quality deposits of organic rock phosphate in British Columbia, Canada, will benefit from this announcement as will Fertoz’s customers who rely heavily upon this mineral for the manufacturing of sustainable and regenerative fertilizer products.
Fertoz Ltd Managing Director and CEO Daniel Gleeson said: “The addition of phosphate to the critical minerals list reflects the importance of this diminishing resource that is fundamental to food production and a necessity for transitioning to a sustainable low-carbon economy.”
The Canadian Government 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 Partnerships Program, and Indigenous grants related to critical minerals infrastructure.
Projects for minerals on Canada’s 2024 Critical Minerals List, including phosphate, may also qualify for additional funding, incentives and supports from:
- The Canada Growth Fund;
- The Business Development Bank of Canada;
- Export Development Canada;
- The Canada Infrastructure Bank;
- Sustainable Development Technology Canada; and,
- Scientific Research and Experimental Development tax incentives.
Fertoz will investigate these funding incentives to determine whether they may be appropriate for Fertoz International (Fertoz’s Canadian subsidiary) to apply at a date to be determined if applicable.
Additionally, the Canadian Government is working to streamline the permitting process for the development of critical mineral projects, which may prove beneficial to Fertoz.
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