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Ontario launches a critical minerals innovation fund to try and boost the economy

Ontario launches a critical minerals innovation fund to try and boost the economy

TIMMINS – The Ontario government is investing in the critical minerals sector by launching a two-year, $5 million Critical Minerals Innovation Fund to enhance research and development of new technologies.

The fund will support Ontario-based innovation that will help build the supply chain for clean technologies, including electric vehicles, by connecting mineral resources in the north with the manufacturing might of the south.

“Our goal is to supply our province, country and allies with the critical minerals we need to meet our climate goals and transition to a cleaner, sustainable economy,” said George Pirie, Minister of Mines. “This investment will leverage Ontario’s expertise to tap into new and growing markets and ensure we capitalize on the growing demand for responsibly and ethically sourced critical minerals.”

The Critical Minerals Innovation Fund will try and help increase exploration, mining, smelting and processing of critical minerals within Ontario. The fund aims to promote collaboration between industry, academia and start-ups to drive the commercialization of technologies to extract and process critical minerals. This includes supporting new technologies that would allow companies to recover critical minerals from mine tailings and waste sites across the province.

“The new Critical Minerals Innovation Fund is another way our government is growing Ontario’s green economy, while building the north, supporting job creation and fostering innovation,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Ontario has everything companies need to grow and thrive, and we’re excited to see the made-in-Ontario solutions that will be developed through this fund.”