First Phosphate Corp. (CSE:PHOS) said it welcomed the province of Quebec’s decision to include phosphate in its new critical minerals list.
The Quebec Minister of Natural Resources and Forests, Maïté Blanchette Vézina's unveiled the 2023-2025 Action Plan for the implementation of the Quebec Plan for the Development of Critical and Strategic Minerals 2020-2025 this week.
Quebec joins other jurisdictions such as the Province of Ontario, the European Union, and South Korea in recognizing phosphate as a critical mineral.
Anticipation now turns to the decision by the Governments of Canada and the United States on the critical and strategic status of phosphate, expected in 2024 or beyond.
Argus Phosphate Rock Analytics indicates a projected 61% decline in current North American phosphate production by 2037.
“First Phosphate has been actively involved in the development of Quebec igneous phosphate resources and applauds Quebec's acknowledgement of the tremendous opportunity that its local phosphate resources represent for the electrification needs of North America,” the company wrote in a statement.
It went on to add that it believes that Quebec's igneous anorthosite phosphate rock remains an untapped source of high purity phosphate, with the potential for significant production of PPA.
First Phosphate's objective is to foster the development of an LFP battery valley in the Saguenay-Lac-St-Jean region of Quebec, contributing to the increasing demand for LFP battery cathode active materials across North America.