Thank you, Mr. Chairman and committee.
My name is Sean Cleary. I'm chairman and CEO at BlackRock Metals. We're building a $1.3-billion critical minerals project in Quebec. You can visit www.blackrockmetals.com for a summary of the project.
This project consists of a fully integrated mine and metallurgical complex that will be built in the federally controlled industrial deep-sea port located in Saguenay, with access to the St. Lawrence and global markets. We will produce three critical minerals, which are vanadium, titanium and nodular iron. The BlackRock project is fully permitted by all governments and is one of the few projects in Canada that is shovel-ready. We're now working to complete construction financing and start construction next year, with full production in 2024.
BlackRock is a commercial hydrogen user and early adopter. It is uniquely designed to use grey hydrogen and is enabled for the conversion to green hydrogen once it is commercially available. This is not a pilot project. The plant will be an example to the world that Canada can lead the way in zero-emissions mining and metals production. The BlackRock project is where the critical minerals strategy and the hydrogen strategy meet.
We have developed close relations with aboriginal communities, having signed agreements with the Innu nations of Mashteuiatsh, Essipit and Pessamit, the Cree Nation Government and the Oujé-Bougoumou band. These are major accomplishments.
Recently, Dr. Abel Bosum, the grand chief of the Cree, spoke to this committee and specifically indicated that the Cree territory in Quebec is rich in vanadium. The Cree have been our strong supporters. They realize that the economic future of their youth passes through the responsible development of their mining potential and specifically critical minerals, which will offer long-lasting and stable careers to aboriginal youth across Canada.
Almost all vanadium comes from China, Brazil, South Africa and Russia. However, vanadium has not been discussed at length in this committee. Vanadium is a critical mineral. It's on your list. It has been extremely important as a steel alloy and battery metal. Currently, North America has vanadium processing plants, but no primary source of vanadium. Canada has a world-class deposit of vanadium in Quebec, which is the BlackRock project.
Vanadium is a critical ingredient for batteries and steel. There is no steel without vanadium. We believe that a strong steel industry focused on zero emissions is at the core of every great nation. Without vanadium, Canada and our allies in America and Europe cannot have a steel industry. Vanadium doubles the strength of steel, resulting in stronger bridges and buildings and safer cars that use less steel. This is vital for meeting product specs, and it is beneficial for the environment. Life-cycle analysis shows that the vanadium related to the steel rebar from the BlackRock project alone will save over 26 million tonnes of CO2 per year. Also, there is no direct substitute for vanadium.
Vanadium is also a key ingredient in electric flow batteries, which are increasingly being used to store wind and solar electricity and balance the electric grid. In fact, the National Research Council of Canada has had a project investigating vanadium flow batteries to secure Canada's electric grid. Time will show that vanadium is a more important critical mineral than even lithium when it comes to battery production and electricity storage. Vanadium batteries can easily be recycled and the importance of vanadium will grow accordingly over the next decade as utilities look to store green energy safely and economically.
Canada can be a global leader in vanadium since BlackRock can produce over 5% of total global output of vanadium per year for the next 70 years.
There are certain things that we could agree on. First is that we have a critical minerals list, but that won't change anything unless major funding, policy and strategy follow.
Second is that the capital markets are knowledgeable on base and precious metals, but there are no pools of capital available for critical minerals.
Third is that unfair trade practices from foreign regimes that manipulate markets and do not follow market rules, including for vanadium, stifle competition and new entrants.
Fourth is that we need appropriate government engagement and willpower to drive critical minerals forward and secure the steel supply chain.
Fifth is that the BlackRock project is entirely centred around ESG. Government should follow this lead to place the critical minerals industry within such a framework to help attract major capital.
Sixth is that we need the federal government to be openly supportive if we want to be a major player in the critical mineral space. It will be necessary to invest significant capital.
Lastly, we would say that we've been having the same talk about this. Right now, it's really just talk. If we don't do something concrete about it, Canada will be left behind on critical mineral supply.
I thank everybody. That concludes my remarks. Thank you to the members of the committee for having invited me and taking the time to listen.
I look forward to answering any questions.