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Province’s First-Ever Critical Minerals Strategy

Province’s First-Ever Critical Minerals Strategy

Lac Des Iles Mine, North of Thunder Bay

THUNDER BAY, ONTARIO  ~~~~~~   March 17, 2022  (LSNews)  As innovation and technology drive dramatic changes to the world’s economy, Ontario is positioning itself to be a global leader in supplying the critical minerals that will fuel that change with the release of its first-ever Critical Minerals Strategy.

“The Critical Minerals Strategy is our government’s blueprint to connect industries, resources and workers in our province’s north to the future of manufacturing in the south as we build up home-grown supply chains,” said Premier Doug Ford. “Doing so has never been more important as we secure game-changing investments in our auto sector to build the electric vehicles and batteries of the future using Ontario minerals.”

Ontario’s supply of critical minerals, processing capabilities and proximity to North American manufacturing hubs makes the province an ideal place for mineral exploration and investment. The Critical Minerals Strategy is a five year roadmap to: better connect the mines in the north with the manufacturing sector in the south, in particular to Ontario-based electric vehicle (EV) and battery manufacturing; tap into new and growing markets, including electric vehicles, batteries, telecommunications and national defence; and secure Ontario’s place in the global supply chain for decades to come.

We applaud the government’s Critical Mineral Framework as it recognizes the significant mining potential of Northwestern Ontario and it will strengthen Ontario’s competitiveness in the global markets. Our Lac des Iles Mine is one of only two known palladium deposits in North America and delivers 30 per cent of all palladium produced in Canada. Palladium has critical industrial, technological, and strategic applications and, as a key component required for pollution control of gasoline-powered vehicles, is instrumental to our transition toward a low carbon economy. Access to resources is a strategic priority in today’s world. Investors, customers, consumers and communities are now standing up and increasingly demanding ethically-sourced and environmentally-responsible mining. That is what we are proud to deliver here at the Lac des Iles Mine and indeed across the industry in Ontario." stated - Tim Hill CEO of Impala Canada

The strategy focuses on six priorities:

  • Enhancing geoscience information and supporting critical minerals exploration
  • Growing domestic processing and creating resilient local supply chains
  • Improving the regulatory framework to make the mining industry more globally competitive
  • Investing in innovation, research and development
  • Building economic development opportunities with Indigenous partners
  • Growing labour supply and developing a skilled labour force

To ensure companies have the tools they need to find the mines of the future, the province is investing $24 million over three years in Ontario’s Junior Exploration Program, which includes $12 million for a critical minerals funding stream. The province is also investing $5 million over two years in a new critical minerals innovation fund that will support research for extraction and processing in the north.

“We believe there is an incredible opportunity to connect our northern and southern economies to build a made-in-Ontario supply chain for emerging technologies such as EVs,” said Greg Rickford, Minister of Northern Development, Mines, Natural Resources and Forestry. “Our government is building an advanced manufacturing supply chain that will create economic opportunities for Ontarians across the province, including Indigenous communities. We want the world to know that Ontario is ready to supply our allies with a reliable source of critical minerals.”

Geopolitical forces are fueling a surging demand for reliable sources of critical minerals in international and North American markets. Ontario’s world-class environmental, social and governance standards make it the perfect destination for environmentally responsible investors. Ontario is ready to benefit from the global shift to a cleaner economy.

“Ontario has what it takes to develop and build the car of the future through emerging technologies and advanced manufacturing processes,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Through our Driving Prosperity plan and our first-ever Critical Minerals Strategy, our government is staking Ontario's claim to the emerging North American EV battery industry and positioning the province to leverage its critical mineral wealth.”

Critical minerals have a variety of strategic uses, including smartphones, batteries for EVs, pharmaceuticals and solar cells. The Critical Minerals Strategy will strengthen Ontario’s supply chains, attract new investment in the mining and manufacturing sectors and build economic development opportunities for Indigenous partners.

#LSN_Econ  #LSNews_TBay 

Categories: OntarioEconomy
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