Department of Finance Canada welcomed Canada Growth Fund support for construction of Nouveau Monde Graphite's Matawinie Mine in Quebec.
Graphite mining and refining are tied to strategic sectors, including clean technologies, advanced manufacturing, and national security.
The Canada Growth Fund commitment formed part of a US$297 million, or about C$411 million, financing package alongside Eni S.p.A., Investissement Québec, and public equity financing.
Finance Canada also referred to an earlier December 2024 Canada Growth Fund investment of approximately C$35.6 million in Nouveau Monde Graphite as part of a joint C$71 million equity investment with the Government of Quebec.
The Canada Growth Fund is a $15 billion arm's-length public investment vehicle designed to attract private capital and invest in Canadian projects and businesses.
As of March 2026, the fund had announced 22 transactions and committed more than $5 billion across six provinces.
Public investment in critical minerals can affect supply chains, regional employment, private financing, and the future tax base tied to clean-technology production.