Fortune Minerals Limited. T.FT

A fight over the future of electric vehicles is unfolding

[Allman]

Until the IRA rules are promulgated and what's considered "a foreign entity of concern" is defined, FT's progress will likely be impeded. The good news is that these issues should be resolved soon.

... A struggle is unfolding in Washington over who will make the electric vehicles ...
The specific flashpoint is the landmark Inflation Reduction Act, and the large tax credits it offers American consumers for buying an EV. ...
The U.S. government is now writing the rules to implement this law, arguably the biggest legislative achievement of the Biden era.
The clash, in a nutshell, revolves around a question: What is the main goal here?
Is it to sell more electric vehicles, more quickly, speeding the transition to a low-carbon economy?
Or is it to achieve the slower, steadier re-industrialization of North America — one that would reduce long-term reliance on China and draw manufacturing here as part of what the White House has taken to calling Bidenomics?
That debate is playing out as the U.S. Treasury Department studies public comments while designing its tax credits — which are worth up to $7,500 per car.
The Treasury Department released an interim draft this spring and gave everyone until June 16 to weigh in on a series of highly technical judgment calls it needs to make. ...
The final rule should be out soon. 
Then there's another, related, battle ahead. Starting next year, the Inflation Reduction Act forbids tax credits going to batteries produced by a so-called foreign entity of concern.
Those details still need to be defined.
So it's unclear what that incoming rule will mean for carmakers, inside the U.S., that buy batteries from the Chinese giant CATL.
... uncertainty looms over the industry ...

https://www.cbc.ca/news/world/ev-regulations-inflation-reduction-act-analysis-1.6894282#content

[red]

It's a bit Ridiculous .... what is to be defined about the intent of largest cross boarder trading partner with the USA and Canada?  under its existing agreements there are lots of ways to skin a cat .... where is the real hood up? We already have a CM understanding and agreement.... Canada needs to move ahead make and encourage development and investment of in house ready to go deposits

[Allman]

There must be global miners and EV / battery manufacturers that are awaiting finalization and absolute certainty of IRA rules and clarification of foreign entities of concern before they invest in North American deposits such as NICO - my speculation of course. If for example, the US does not allow Indonesian cobalt or any Chinese refined cobalt to be eligible for tax credits, then the NICO

[red]

Canada as I understand hias more registered mining companies than any country in the world. The battle of EVs is over, they are happening. Some 350 plus battery plants the world over in play, you would think that while the IRA issues heat up, and given we have a NA deposit with ethical means, great ESG, readiness etc etc that we would be an obvious part of the solution.... and maybe we are for