A multimillion-dollar investment is set to aid the development of critical minerals in northern Ontario.
Resource-rich Canada aims to establish itself as a leading producer of critical minerals and a future alternative to resource giant China. The government has now announced an investment of more than $10 million to advance the necessary infrastructure. The funding will support several projects in northwestern Ontario focused on extracting lithium and copper, operated by companies such as Green TM Resources Canada, Rock Tech Lithium, Frontier Lithium, and Generation PGM. Specifically, the funds will be used for the construction or expansion of road and rail connections, power infrastructure, and the inclusion of Indigenous communities.
According to the government, the projects must first be reviewed by the national Ministry of Natural Resources. The funds will be provided through the Critical Minerals Infrastructure Fund (CMIF), a key component of Canada’s Critical Minerals Strategy.
“Developments like these help mines get built faster, and they are a key element in seizing the generational opportunity before us,” said Jonathan Wilkinson, Canada’s Minister of Energy and Natural Resources. In July, a multimillion-dollar funding package for expanding infrastructure for critical minerals projects in British Columbia was already announced.
In its statement, the Canadian government highlights the “enormous economic opportunity” the domestic sector for critical minerals offers. In 2022, the industry contributed nearly 80 billion USD to the gross domestic product. With increasing demand for these raw materials for green and digital technologies, further growth in the sector is expected. Before a new mining project begins, however, many years or even decades often pass; as shown in our infographic, building the infrastructure typically takes about five years.
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