Department of Finance of Canada

04/09/2026 | Press release | Distributed by Public on 04/09/2026 17:51

Minister Champagne welcomes Canada Growth Fund investment to support the construction of Nouveau Monde Graphite’s flagship Matawinie Mine

Minister Champagne welcomes Canada Growth Fund investment to support the construction of Nouveau Monde Graphite's flagship Matawinie Mine

From: Department of Finance Canada

News release

Graphite mining and refining are foundational to strengthening Canada's economy and positioning the country for long-term growth in strategic sectors.

April 9, 2026 - Ottawa, Ontario - Department of Finance Canada

Graphite mining and refining are foundational to strengthening Canada's economy and positioning the country for long-term growth in strategic sectors. As a critical input for clean technologies, advanced manufacturing, and national security applications, graphite is central to building resilient domestic supply chains and reducing reliance on volatile foreign sources.

Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, welcomed a strategic commitment by the Canada Growth Fund to invest approximately US$82 million (C$113 million) in Nouveau Monde Graphite ("NMG"), a Québec-based graphite miner and refiner. This commitment is part of a US$297 million (C$411M) financing package alongside Eni S.p.A., Investissement Québec and public equity financing.

By expanding Canada's graphite mining and refining capacity, Canada is successfully attracting private investment, creating high paying jobs., and capturing greater economic value at home. This growth leverages Canada's low emissions electricity advantage to support a competitive, sustainable economy for Canadians.

The investment announced today will support NMG as they build a fully integrated Canadian graphite supply chain, backed by a mine at Saint-Michel-des-Saints (the "Matawinie Mine") and the continued development of the Bécancour-based refining facility. The Matawinie Mine is expected to become one of the largest graphite mining operation in North America, which will help position NMG as a strategic supplier for the North American graphite supply chain, an essential input for clean technologies, advanced manufacturing, and national security.

In December 2024, the Canada Growth Fund, as part of a joint C$71 million equity investment with the Government of Quebec, invested approximately C$35.6 million in NMG, its first direct investment in the critical minerals sector. This investment contributed to the creation of 120 full-time Canadian jobs with an expected 180 additional full-time positions by 2030. Furthermore, this allows Canada to maintain intellectual property and technology related to the processing of natural graphite, a key input to the electric vehicle supply chain and energy transition.

Quotes

"This investment by the Canada Growth Fund is a strategic anchor for Québec's economy and a vital step in securing Canada's economic sovereignty. By building resilient domestic supply chains for critical minerals like graphite, we are not only creating high paying jobs, we are protecting our national security and ensuring Canada's place at the top of the global value chain. We are positioning our country to lead in clean technology, advanced manufacturing, and national security applications, delivering real value for Canadians today and tomorrow."

The Honourable François-Philippe Champagne, Minister of Finance and National Revenue

"We referred the Matawinie Mine to the Major Projects Office because Canada has what the world wants. Quebec's graphite is used globally for the energy transition and advanced manufacturing. Today's announcement is another example of how we're getting projects built to make Canada an energy superpower and the strongest economy in the G7."

- The Honourable Tim Hodgson, Minister of Energy and Natural Resources

Quick facts

  • NMG is an integrated company developing responsible mining and advanced processing operations to supply the global economy with carbon-neutral advanced graphite materials.

  • With today's commitment, the company is developing in Québec, Canada, a fully integrated ore-to-processed-graphite value chain to serve tomorrow's industries in energy, advanced technology, and manufacturing.

  • On November 13, 2025, the Matawinie Mine project was referred to the Major Projects Office.

  • In December 2024, the Canada Growth Fund announced entering into a definitive agreement with respect to a C$35.6 million private placement with NMG, marking the Canada Growth Fund's first investment to advance Canadian critical minerals.

  • The Canada Growth Fund is a $15 billion arm's length public investment vehicle launched by the federal government to attract private capital and invest in Canadian projects and businesses, which is managed by Canada Growth Fund Investment Management, a wholly owned subsidiary of Public Sector Pension Investment Board and the exclusive, arm's length and independent manager of the Canada Growth Fund.

  • The Canada Growth Fund makes strategic investments to help grow Canada's economy at speed and scale on the path to emissions reductions, in the interest of remaining competitive globally over the longer term by:

    • Reducing emissions while promoting economic growth and Canadian competitiveness;
    • Accelerating the deployment of key technologies, such as low-carbon hydrogen and carbon capture and sequestration;
    • Scaling-up companies that will create jobs and drive productivity and clean growth across new and traditional sectors of Canada's industrial base;
    • Encouraging the retention of intellectual property in Canada; and,
    • Capitalizing on Canada's abundance of natural resources and strengthening critical supply chains to secure Canada's future economic and environmental well-being.

  • As of March 2026, the Canada Growth Fund has announced 22 transactions, committing over $5 billion across six provinces.

Contacts

Media may contact:

John Fragos
Press Secretary
Office of the Minister of Finance and National Revenue
[email protected]

Media Relations
Department of Finance Canada
[email protected]
613-369-4000

General enquiries

Phone: 1-833-712-2292 TTY: 613-369-3230 E-mail: [email protected]

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