Titanium Corporation Inc. is pleased to announce that the Company has been selected as a successful applicant under the Government of Canada’s Low Carbon Economy Fund Challenge (LCEF) and NRCan’s Clean Growth Program (CGP) and Emission Reduction Alberta’s (ERA’s) Partnership Intake Program for a total of USD 50M toward the next phase of the Company’s Creating Value from Waste™ (CVW™) Horizon project. LCEF, CGP and ERA’s clean technology programs are aimed at improving environmental performance in Alberta’s oil and gas sector.
Environment and Climate Change Canada through its LCEF has committed to investing USD 40M and NRCan’s CGP has committed to investing USD 5M in Titanium’s first of a kind sustainable technology designed to remediate oil sands froth treatment tailings. ERA has also committed an additional USD 5M through its Partnership Intake Program bringing its total investment to USD 10M for the project. The proposed project would be jointly conducted with Canadian Natural Resources Limited at its Horizon oil sands site and has the potential to create a new high-value minerals industry for Canada through tailings recovery of up to 100,000 tonnes per year of valuable minerals.
Funding from the LCEF and CGP programs are subject to finalizing funding agreements which will outline the conditions under which federal funding would be provided, including securing the remaining funding necessary to complete the project and defining the scope of the project costs eligible for program funding. Funding from ERA is subject to the same conditions outlined above in addition to the successful close-out of the current USD 5M program awarded under the Methane Challenge Program.
