New fund geared to enhance technologies for mining and exploration
Article content
The Ontario Government announced on Thursday the launch of the Critical Minerals Innovation Fund (CMIF) which aims to enhance research and development of new technologies for the mining and exploration sector.
It is a two-year, $5-million program.
“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 Timmins MPP and Minister of Mines George Pirie.
“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 province says the CMIF will aid in increasing exploration, mining, smelting, and processing of critical minerals in Ontario. It aims to promote more collaboration between the mining industry, academic institutions, and start-ups to drive commercialization of new technologies.
Additionally, the fund would support new technologies which allow for the recovery of critical minerals from mine tailings and other waste sites across Ontario.
According to the province, the CMIF will provide a maximum of 50 per cent of eligible project costs, at a maximum of $500,000 per project, for projects that fall within the parameters.
Those parameters include battery supply chain, deep mining exploration, mineral recovery, and innovation supporting critical minerals.
Applicants can only receive funding for one project, and the funding for successful applicants will be provided in three instalments. Furthermore, if said project is already receiving funding from another provincial program, it is ineligible for the CMIF.
“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.”
One of the companies who could benefit from this new fund is Canada Nickel Company, whose Crawford Nickel Project 40 kilometres north of Timmins, is a promising critical minerals venture.
“The funding announced today by the Ontario government is an important signal of its support for Ontario’s mining and downstream processing industries,” said chairman and CEO Mark Selby.
“We look forward to fully participating in this program as Canada Nickel advances our project, which has the potential to not only deliver zero carbon nickel and cobalt, but also provide a foundation for an entire zero carbon industrial cluster in the Timmins region.”
Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.