Ontario Strengthening Critical Minerals Supply Chain
Additional funding for critical minerals projects will support innovation in the mining sector, helping create jobs
The Ontario government is investing an additional $15 million over three years to expand the Critical Minerals Innovation Fund (CMIF). The funding was part of the 2024 Budget: Building a Better Ontario and will strengthen Ontario’s mining industry by assisting with research, development, and commercialization of innovative technologies, processes, and solutions for the critical minerals supply chain.
“This investment is another milestone for our government’s Critical Minerals Strategy and is about building a made-in-Ontario supply chain to meet the increasing global demand for critical minerals needed to manufacture technologies like batteries and electric vehicles,” said George Pirie, Minister of Mines. “We know investments like this drive innovation, help solve mining and supply chain challenges, enhance our province’s competitive advantage and leverages Ontario’s highly educated and experienced workforce.”
This CMIF investment will encourage more private-public collaboration and partnerships with Indigenous communities or businesses to develop new technologies. The funding will also drive economic growth and create job opportunities in Ontario’s mining sector.
“Ontario is rewarding world-class leadership in the province’s mining sector with this additional investment in the Critical Minerals Innovation Fund, which is strengthening regional economies while building a better Ontario,” said Peter Bethlenfalvy, Minister of Finance. “Investments like this are part of our plan to help the province’s workers, businesses, municipalities and Indigenous communities benefit from jobs, prosperity and opportunity for years to come.”
This $15 million commitment is part of the government’s plan to build an integrated supply chain that connects the mineral wealth in the north with the manufacturing might of the south. Critical minerals projects supported through the CMIF highlight that Ontario has the mineral resources and industry expertise to be a world leader in the critical minerals sector.
The Critical Minerals Innovation Fund is open to companies and partnerships between companies and Indigenous communities, academics, or non-profit organizations. Applications for the fund are being accepted from May 22 to July 17, 2024.
