Ontario’s critical minerals supply chain gets funding boost

The Ontario government is investing an additional $15 million over three years for the critical minerals supply chain.

The funding expands the Critical Minerals Innovation Fund (CMIF) which was part of the 2024 Budget: Building a Better Ontario and is aimed at strengthening Ontario’s mining industry.

“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,” says George Pirie, Ontario 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 is intended to encourage more private-public collaboration and partnerships with Indigenous communities or businesses to develop new technologies. The funding will also help drive economic growth and create job opportunities in Ontario’s mining sector.

“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,” says Peter Bethlenfalvy, minister of finance.

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.

CMIF 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.