Ontario’s recently announced $214-billion provincial budget gave a little nod to the province’s mining industry with continued funding over three years for the Critical Minerals Innovation Fund (CMIF).
The fund was kicked off in 2022 with $5 million to promote innovation and research work for the adoption of battery electric vehicles and replacement of diesel powered vehicles in Ontario mines.
The new funding announced last Thursday will see an additional $5 million per year in 2024-25, in 2025-26 and in 2026-27 to help Ontario’s mining sector continue the research, development and commercialization of innovative technologies, including techniques, processes and solutions related to critical minerals. This includes funding projects in Sudbury.
The Ontario budget document said the new funding will be directed to projects that are expected to tackle strategic challenges faced by the critical minerals sector in several areas such as the battery supply chain, deep exploration and mining, mineral processing, as well as the recovery of minerals.
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