The federal government has revealed what types of projects are eligible for the $1.5 billion from the Strategic Innovation Fund (SIF) earmarked in the 2022 federal budget to accelerate investments in critical minerals projects.
To qualify, projects must focus on critical minerals processing, manufacturing, and recycling. The government says it will also consider mining projects that exhibit “exceptional innovation benefits and strong vertical integration” to grow domestic value chains.
“Critical minerals are a generational economic opportunity for Canada,” said Jonathan Wilkinson, minister of natural resources, in a press release last week announcing the criteria. “Through SIF, Canada is making smart, targeted investments in the most promising projects, helping to ensure we are the global supplier of choice for critical minerals and the technologies they enable.”
Sustainable economy
Publication of the criteria is an important step in the government’s implementation of its Canadian Critical Minerals Strategy, unveiled last December.
According to the release, to be eligible for SIF funding, projects must be related to the development of Canada’s 31 critical minerals, with priority given to six key minerals: copper, nickel, lithium, graphite, cobalt, and rare earth elements (REE).
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