News: Suppliers
8 July 2026
Teck, Canada Growth Fund and Canada Critical Minerals Accelerator to support strategic metals production
Vancouver-based Teck Resources Ltd, Canada Growth Fund Inc (CGF) and Natural Resources Canada (NRCan)’s $2bn Canada Critical Minerals Accelerator (formerly the Critical Minerals Sovereign Fund) have signed a strategic investment agreement to support expanding production capacity for germanium, gallium and antimony at Teck’s Trail Operations smelting and refining complex in British Columbia.
Canada Growth Fund is a $15bn arm’s-length investment vehicle designed to attract private capital to build Canada’s clean economy. It uses investment instruments that absorb certain risks to catalyze private investment in low-carbon projects, technologies, businesses, and supply chains.
Trail is said to be one of the world’s largest fully integrated polymetallic smelting and refining complexes. It produces 19 products and has a long history of critical minerals production.
The agreement establishes the commercial framework for an equity-like investment by CGF of up to $400m directly into the facility, as part of an up to $850m potential total investment by Teck to sustain and enhance critical minerals processing capacity at Trail Operations from a portfolio of feed sources. The agreement also provides for the establishment of an offtake structure with the Government of Canada, including offtake rights for a portion of future germanium, antimony and gallium produced by Trail, that will build on Canada’s position as a reliable critical minerals supplier to global partners.
The agreement reflects the intent of both parties to work towards an investment by CGF to unlock the advancement of Trail’s Strategic Metals Initiative that could double Trail’s existing production capacity for germanium and antimony, and potentially add new gallium production capacity. The arrangements between Teck and the Government of Canada would also constitute the inaugural transaction under Canada’s newly launched Canada Critical Minerals Accelerator (introduced by the Government of Canada in Budget 2025 to make strategic investments in critical mineral projects and companies through equity investments, debt instruments, and offtake contracts). The Canada Critical Minerals Accelerator is an initiative of NRCan, managed by Export Development Canada (EDC, a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad).
Expanding the reliable supply of germanium, antimony and gallium is thought to be key to Canada’s economic and national security, as well as clean technology and the energy transition.
The Province of British Columbia has also named the Trail Strategic Metals Initiative as one of 18 priority resource projects and is working with Teck on opportunities to further support the initiative’s advancement.
Canada is moving quickly to unlock critical minerals that will strengthen its economy and security, enhance global supply chains, and grow Canadian industry. This project will leverage Trail’s long-standing Canadian expertise in strategic metals production; access to long-term, high-quality metals feedstock; and proven ability to adapt quickly to evolving market demands to achieve success.
Realization of the commercial arrangements contemplated by the agreement remains subject to certain conditions, including the negotiation and execution of definitive documentation and satisfaction of applicable approvals.
“Canada has what the world wants, and we are moving decisively to catalyze private investments, secure our supply chains, and get projects built faster so we can provide for ourselves and our global partners,” says the Honourable Tim Hodgson, Minister of Energy and Natural Resources. “Our new Canada Critical Minerals Accelerator is about turning Canadian resource abundance into real projects by giving industry the certainty they need to invest and grow, even in a volatile global market. By working with companies like Teck and partnering with Canada Growth Fund and Export Development Canada, we are using every tool in our toolbox to build Canada Strong,” he adds.
“Leveraging its unique expertise and ability to implement bespoke structured financial instruments, CGF’s investment will support the advancement of the expansion of Canada’s only germanium-producing smelter, a critical mineral essential to applications related to national security,” says CGFIM’s president & CEO Yannick Beaudoin. “CGFIM is pleased to once again put its experience to work in support of the Government of Canada’s establishment of a third offtake agreement that positions Canada as a reliable partner of choice for global partners seeking access to important critical minerals,” he adds.
“Teck’s Trail Operations is a cornerstone of North America’s critical minerals ecosystem. Collaboration with CGF and the Canada Critical Minerals Accelerator will help advance the opportunity we have to quickly and significantly increase production capacity for key strategic metals and help strengthen secure, responsible supply chains,” says Teck’s president & CEO Jonathan Price. “By leveraging Trail’s existing infrastructure and expertise, this initiative has the potential to deliver new supply of strategic metals while providing strong returns for Teck shareholders,” he adds.
“EDC is focused on helping strengthen Canada’s role as a reliable supplier of critical minerals to global markets,” notes Export Development Canada’s president & CEO Alison Nankivell. “These materials play an essential role in defence, security and advanced technologies. By leveraging EDC’s financing expertise and supporting projects like Trail, in collaboration with Teck, Natural Resources Canada and the Canada Growth Fund, we can help expand production capacity here in Canada and build more secure and resilient supply chains for our partners.”
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