The Ontario government is launching a new $500 million Critical Minerals Processing Fund to attract and support mineral capacity in Ontario.
Ontario finance minister Peter Bethlenfalvy made the announcement recently as part of the Ontario budget speech. He said: “As the government accelerates the development of critical minerals projects in Ontario, it is also working to attract historic investments to support critical mineral processing capacity here at home, to help ensure that minerals mined in Ontario will be processed in Ontario, by Ontario workers,”
At the budget announcement, Bethlenfalyy continued: “Through the fund, Ontario will provide strategic financial support for projects that will accelerate the province’s critical minerals processing capacity, offering a stable supply of critical minerals mined in Ontario, to be used in the province’s broader manufacturing base, while also capitalizing on growing global demand. The CMPF will capture greater economic value from the province’s mineral resources, by helping to ensure existing mineral processing facilities are fully utilized, as well as supporting the construction of new processing facilities in Ontario.”
He concluded: “Instead of being extracted only to be shipped to other jurisdictions for higher value-added processing, minerals mined in Ontario will be refined in Ontario. This will help create new opportunities for workers in Indigenous communities and Northern hubs such as Thunder Bay, Sault Ste. Marie, Sudbury, North Bay and Timmins. By enhancing Ontario’s processing capacity, the province can attract greater private capital investment and speed up key strategic projects across the critical minerals supply chain. A fully integrated supply chain will improve Ontario’s standing as a global leader in critical minerals, making the province a more attractive jurisdiction for investment, and a secure source of supply of critical minerals.”
The provincial government has also doubled down on supporting Indigenous partnerships in capitalizing on new critical minerals. The government announced in the new budget that it will be re-launching its provincial Indigenous loan guarantee program, which will include Indigenous partnerships involving critical minerals.
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