Ontario Launches New Critical Minerals Innovation Fund to Strengthen Green Economy
$5 million fund will support innovation, economic growth and made-in-Ontario supply chain
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.
- In March 2022, the Ontario government launched the Critical Minerals Strategy, a five-year plan to position Ontario as a global leader in supplying critical minerals.
- Critical minerals are a subset of the raw materials needed to produce many products and specialized technologies. They do not have many viable alternatives, meaning if a critical mineral is not available, there aren’t many other minerals that can be used in its place.
- In 2021, Ontario produced over $11.1 billion worth of minerals, accounting for 20 per cent of Canada’s total mineral production and approximately $3.1 billion worth of critical minerals.
- Ontario is a leading global producer and manufacturer for critical minerals, such as nickel, copper, cobalt and platinum group elements.
- Minerals mined and processed in Ontario support key sectors including auto manufacturing, telecommunications and national defence.