Strange Lake Critical Minerals Enabling Infrastructure

The CIB is providing Torngat Metals Ltd. with a $55 million enabling infrastructure loan to support the next phase of the Strange Lake rare earth minerals project, located in northern Quebec and Labrador.

Our loan will help advance early works such as utility connections, rehabilitation of an airstrip and improvements to existing infrastructure to prepare the site for future development. The CIB’s financing is subject to all regulatory permits and processes being secured.

Critical minerals are the building blocks for the digital economy and presents an opportunity for Canada’s mining industry in many areas: exploration, extraction, processing, downstream product manufacturing and recycling. By providing low-cost financing, the CIB’s loan bridges the project financing gap, reduces risks and accelerates project timelines. 

Benefits of the CIB’s involvement

The CIB’s critical minerals initiative facilitates the construction of enabling and supporting infrastructure like access roads, clean power generation and transmission and wastewater management facilities in remote areas of Canada.

The CIB will collaborate with government, Indigenous partners and private investors to finance infrastructure which unlocks mineral deposits and advances projects in the critical minerals supply chain.