Ontario announces $500M fund to boost critical minerals processing

The Ontario government is launching a $500-million Critical Minerals Processing Fund aimed at expanding the province’s mineral sector.

Part of the 2025 provincial budget, the fund will provide financial support to modernize existing processing facilities, build new infrastructure and ensure critical minerals such as nickel, cobalt, lithium and graphite are refined in Ontario instead of being shipped abroad.

The provincial government says the investment will strengthen the province’s supply chain, reduce reliance on foreign processing and protect against trade disruptions like tariffs.

Premier Doug Ford’s government says the move is key to unlocking mineral reserves in Northern Ontario’s Ring of Fire and boosting growth in sectors such as electric vehicles, battery storage and advanced manufacturing.

Ontario is aiming to become the most competitive jurisdiction in the G7.