The fund aims to bridge the gap between mineral producers and the global market.
The Canadian Ministry of Energy and Natural Resources announced Tuesday that its Critical Minerals Infrastructure Fund (CMIF) will begin to accept the first applications as early as fall 2023. Energy and Natural Resources Minister Jonathan Wilkinson said that with the $1.1 billion (C$1.5 billion) fund, the Canadian Government aims to invest in critical projects for the sustainable development of these minerals, “reinforcing Canada’s position as a global supplier of choice for clean technology, clean energy, and the resources the world needs to build a prosperous net-zero economy.” Stretched over seven years, the fund will primarily focus on closing gaps between Canada’s critical mineral production and resources in the global market to leverage the country’s natural wealth.
The North American nation is home to vast natural resources and could establish itself as one of the world leaders in supplying certain critical minerals. According to government data (PDF), the country has a total of 31 critical minerals, including cobalt, copper and lithium. However, despite being home to them, the country is still dependent on imports of critical raw materials to produce advanced technologies (PDF). To counteract this and leverage its natural wealth more, the government published a new Critical Minerals Strategy last month, which the fund is a crucial part of. Meanwhile, in the field of rare earths, Canada has made progress and mined its first last year.
Photo: iStock/Oleksii Liskonih