Ontario to back ‘handful' of mineral projects with $500M fund
The Ontario government plans to make big-ticket investments in 'three or four' critical minerals processing projects using $500 million allocated in the province's 2025 budget, according to Vic Fedeli, Ontario minister of economic development, job creation and trade.
The narrow focus of the Critical Minerals Processing Fund will let the province make large contributions to a 'handful' of major projects, as opposed to delivering small-scale support to many, Fedeli told Automotive News Canada.
'There are many, many mines in Ontario that want to open, and we want to make sure that every ounce of ore that comes out of the ground gets processed here in Ontario.'
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The province's latest budget, introduced at Queen's Park in mid-May, received royal assent June 5.
The province is already taking applications for the new fund, Fedeli said, pointing to nickel-mining projects in Sudbury and Timmins, as well as developments in the Ring of Fire region 500 kilometres northeast of Thunder Bay as possible candidates for a share of the $500 million.
The fund is not directly tied to the province's electric-vehicle battery supply chain, but the nascent sector looks likely to benefit from the provincial investment capital.
Fedeli pointed to Frontier Lithium's planned processing plant in Thunder Bay as an example of the type and scale of the projects that the new fund will support.
The Ontario company is developing a lithium mine about 500 kilometres northwest of Thunder Bay and a conversion plant that will process mined material into battery-ready lithium salts in the city. The provincial government committed up to $160 million, separately from the new fund, in March to the processing portion of the project.
Meanwhile, Ontario intends to designate the mineral-rich Ring of Fire as a so-called special economic zone 'as quickly as possible,' Premier Doug Ford said June 5.
Ford said he and several ministers will consult all summer with First Nations about the new law that allows the Ontario government to suspend provincial and municipal rules before making the designation.
'We need to start moving on that,' Ford said of the designation for the Ring of Fire.
The law seeks to speed up the building of large projects, particularly mines. Ford's government has committed $1 billion to develop the Ring of Fire.
Three First Nations have signed various agreements with the province to help build roads to the region, as well as develop the area where it connects to the provincial highway system.
However, First Nations across Ontario have risen up to protest the province's new law, livid about what what they describe as the government's audacity to strip away any law it sees fit for any project at any time. They say it tramples their treaty rights and ignores their concerns.
The First Nations want to be part of development, including mines, but want to be equal partners with the province on the legislative side.
— The Canadian Press contributed to this report.
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