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.

Quick Facts

• 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.