First Phosphate sees recent changes to US Inflation Reduction Act as key to industry growth
Vancouver
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December 04, 2023 01:57 PM Eastern Standard Time
First Phosphate Corp CEO John Passalacqua joined Steve Darling from Proactive to discuss the potential impact of proposed changes to the Inflation Reduction Act in the United States. The legislation aims to strengthen the North American supply chain for critical minerals, particularly in the lithium iron phosphate (LFP) battery industry.
Passalacqua emphasizes that First Phosphate has consistently aligned with the spirit of the law, building a comprehensive supply chain from mining to battery production. The proposed changes include pricing caps on vehicles, fostering mass adoption by limiting truck prices to $80,000 and smaller vehicle prices to $55,000.
Notably, the legislation addresses concerns about foreign entities, prohibiting materials associated with them from entering the US. This move ensures full traceability and emphasizes the importance of a North American-based supply chain.
Passalacqua concludes by highlighting the positive implications for the Canadian and North American mining sectors, anticipating increased project financing and a paradigm shift in the industry.
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