Latest news with #CriticalMineralsProcessingFund
Yahoo
2 days ago
- Business
- Yahoo
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.' Sign up for Automotive News Canada Breaking Alerts and be the first to know when big news breaks in the Canadian auto industry. 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.
Yahoo
4 days ago
- Business
- Yahoo
Argyle Commends the Ontario Governments Critical Minerals Exploration and Developments Initiatives
Calgary, Alberta--(Newsfile Corp. - June 4, 2025) - Argyle Resources Corp. (CSE: ARGL) (OTCQB: ARLYF) (FSE: ME0) ("Argyle" or the "Company") is pleased to announce its strong support for the Ontario Government's recent initiatives to bolster critical mineral exploration and development within the province. The Ontario Government has unveiled a comprehensive strategy to enhance the province's position in the global critical minerals market. As the province navigates the fight against tariffs, recognizing that growing Canada's rich critical mineral landscape into immense economic opportunity is crucial. Key components of this strategy include: $500 Million Critical Minerals Processing Fund: Aimed at attracting and supporting mineral processing capacity in Ontario, ensuring that minerals mined in the province are also processed locally. Indigenous Economic Participation: A nearly $3.1 billion investment to support Indigenous partnerships in critical mineral development, including tripling the Indigenous Opportunities Financing Program to $3 billion and expanding eligibility to include mining and resource development projects. Streamlined Approvals: Introduction of the "One Project, One Process" model to halve the approval time for new mining projects, particularly in strategically important regions like the Ring of Fire. Premier Doug Ford emphasized the significance of these measures, stating, "This legislation sends a clear message: Ontario will lead-not follow-in securing the resources that power the future, defending our economic sovereignty, and building prosperity for generations to come." Peter Bethlenfalvy, Ontario's Minister of Finance, added, "By investing to unlock and process these minerals here in Ontario in partnership with Indigenous communities, we can make Ontario the top global hub of critical mineral development and protect our economy, workers and communities for decades to come." The Company commends the Ontario Government for its proactive approach to developing a robust critical minerals sector. The Company's Clay Howells project in Ontario align with the province's vision of a sustainable and integrated critical minerals supply chain. Figure 1: Clay Howells REE Property Location Map To view an enhanced version of this graphic, please visit: About Argyle Resources Resources Corp. is a junior mineral exploration company engaged in the business of acquiring, exploring, staking and evaluating natural resource properties in North America. In addition to the Saint Gabriel project, the Company currently holds an option to acquire up to 100% of the Frenchvale Graphite Property located in Nova Scotia, Canada and owns 100% interest in the Pilgrim Islands, Matapedia and Lac Comporté quartzite silica projects in Quebec, Canada. Argyle is engaged in a research partnership with the National Institute of Scientific Research (INRS), a high-level research and training institute funded by the Québec government to conduct exploration programs on the Company's silica projects. The Company was incorporated in 2023 and its head office is located in Calgary, Alberta, Canada. ON BEHALF OF THE BOARD OF DIRECTORS 'Jeffrey Stevens'President & CEO For all other inquiries:Email: info@ (825) 724-0033Website: Forward-Looking Statements All statements included in this press release that address activities, events or developments that Argyle expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements may involve, but are not limited to, statements with respect to the exploration and development of the Company's mineral properties and the use of proceeds from the Offering. These forward-looking statements involve numerous assumptions made by Argyle based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond Argyle's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, Argyle does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events. Neither the Canadian Securities Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this news release. To view the source version of this press release, please visit Sign in to access your portfolio
Vancouver Sun
15-05-2025
- Business
- Vancouver Sun
Ontario budget forecasts $14.6B deficit, slower growth in wake of U.S. tariffs
U.S. President Donald Trump's tariffs cast a pall over Ontario's budget Thursday, dragging down GDP growth and knocking the province off its path to balance, with a $14.6-billion deficit projected this year. Now is the time to spend on infrastructure and job creation in Ontario so the province can come out stronger on the other side, Finance Minister Peter Bethlenfalvy said. 'Ontario and all of Canada are at a precipice and we need to take serious steps to make sure we do not find ourselves anywhere near the bottom,' Bethlenfalvy said as he tabled his $232.5-billion budget. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'Whether it is our competitive advantage in critical minerals, energy, technology, talent, our workers, or any other area, we will need to bolster our economy by investing in our powerful and promising industries by building more, and building faster and by protecting jobs and job creators.' The province had previously eyed a balanced budget for 2026-27, but that came before the election of Trump and the implementation of tariffs and now Ontario is set to inch into the black in 2027-28 with a small surplus. In the meantime, Bethlenfalvy's budget is forecasting a $14.6-billion deficit this fiscal year — up from a projection of $4.6 billion in last year's budget — and a deficit of $7.8 billion next year. Much of the increased pressure comes from about $30 billion in spending to stimulate the economy in the face of tariffs, including a $5-billion fund to give businesses relief, adding $5 billion to an infrastructure financing fund, and implementing a new, $500-million Critical Minerals Processing Fund. As well, the government is planning to add $1 billion to its Skills Development Fund to retrain workers, add $600 million to a fund that helps businesses set up or expand in Ontario, $200 million for a shipbuilding grant program and create a $50-million fund to help businesses make new supply chains and help boost interprovincial trade. But for all of the various funds for businesses, opposition leaders said there is very little in the budget for people and their most pressing needs, such as housing and health care. 'This budget talks a lot about cars and infrastructure,' Green Party Leader Mike Schreiner said. 'It doesn't talk a lot about actually investing in people.' NDP Leader Marit Stiles called it a 'Band-Aid budget.' 'It is a missed opportunity to strengthen Ontario,' she said. 'The government could have built a tariff-proof future with good schools, affordable homes, world-class public health care and reliable public services. Instead, the Ford government chose more cuts, less relief and no real support for families who need help right now.' The financial accountability officer has said that a 'modest' recession may occur in 2025. Bethlenfalvy said he wouldn't speculate on whether Ontario will enter recession territory, but all of the investments announced in the budget are meant to shore up the province's economy at a critical time. '(We're trying) to fortify and immunize Ontario as best as possible,' he said. 'I think we've got the right plan and the vision for not just dealing with the moment, but laying the groundwork for the future.' Real GDP is projected to rise by just 0.8 per cent next year, sharply down from the 2024 budget projection of 1.9 per cent for this year. Job creation is also forecasted to greatly slow and the unemployment rate is expected to be at 7.6 per cent in 2025, up from the previous projection of 6.6 per cent. Ontario is among the jurisdictions most exposed to U.S. trade policy, the government says in its budget. About 285,000 jobs across the province depend on exporting goods to the United States, representing nearly 3.5 per cent of total employment, it says. The U.S. is Ontario's largest trading partner, with $194.9 billion in merchandise exports to that country in 2024. Revenue is projected to be nearly $220 billion this fiscal year, down from $221.6 billion last year, in part due to less revenue from corporations' taxes. Ontario is expected to spend $216.3 billion on programs this year and $16.2 billion on interest and other debt servicing charges. The reserve, meanwhile, is set at the unusually high amount of $2 billion for this year and the next few years. The contingency fund, meant as another buffer to mitigate risk, is set at $3 billion for 2025-26. The budget document says that fund 'increases further through the remainder of the medium-term outlook,' but it does not specify amounts. Opposition parties and the province's financial accountability officer have been critical in the past of the large unallocated amounts the Progressive Conservative government has set aside in contingency funds, a practice they say is not transparent. Liberal finance critic Stephanie Bowman said it's some 'funny' accounting. 'They're adding money for contingency funds, which create a bigger deficit, so that if they don't need that money, it looks like they've come in ahead of budget and have a lower deficit,' she said. Ontario's net debt this year stands at more than $460 billion. The province's net debt-to-GDP ratio is set to climb this year to 37.9 per cent after previously sitting at a 13-year low, and is expected to rise further to 38.9 per cent in 2026-27. U.S. TARIFFS AND ONTARIO WORKERS The budget is pledging to create a $5-billion fund to provide immediate relief to support sectors of the economy facing tariff-related disruptions. The budget describes this fund as an 'emergency backstop' that will provide immediate relief for Ontario businesses that have exhausted available funding. It also pledges to expand the Ontario Made Manufacturing Investment Tax Credit rate from 10 per cent to 15 per cent. It can be used for qualifying investments in buildings, machinery and equipment for use in manufacturing or processing. The proposed changes would also expand eligibility for the non-refundable tax credit to non-Canadian-controlled private corporations and publicly traded corporations making eligible investments in Ontario. The budget says these changes would help businesses lower their costs by providing an additional $1.3 billion in support over the next three years. The budget also outlines a $50-million investment over three years to focus on expanding interprovincial trade. It also earmarks $500 million in funding to support critical mineral processing. The budget is also pledging a new program that would provide up to $40 million in grants for communities impacted by trade disruptions. The government also plans to invest an additional $1 billion over the next three years to train skilled workers. HEALTH CARE The budget says the government will invest more than $235 million this year to establish and expand up to 80 more primary care teams, which it says will connect 300,000 more people to primary care. It also says it will invest up to $280 million over two years to support the expansion of integrated health service centres that will help more Ontarians access MRI and CT scans, among other services. The budget pledges a new refundable tax credit to support 25 per cent of fertility treatment expenses, for a maximum credit of $5,000 per year. It also plans to increase the province's investment to the Ontario Autism Program, bringing this year's total funding to $779 million. EDUCATION The budget is promising close to $2 billion for the upcoming school year to repair and maintain schools. Last December, the province's fiscal watchdog found that the province has a $12.7-billion school repair and construction backlog, and it would cost $31.4 billion over 10 years to clear it. The budget is also pledging $10 million over three years to create new scholarship opportunities for First Nations post-secondary students interested in pursuing careers in resource development. It's also earmarking an additional $207 million over three years in funding for research at Ontario universities. ALCOHOL AND CANNABIS The budget outlines an increase to the Liquor Control Board of Ontario's wholesale discount rate from 10 per cent to 15 per cent for bars, restaurants, convenience stores and LCBO convenience outlets until the end of this year. The budget estimates the measure will save Ontario businesses about $56 million. The budget also proposes an Ontario Grape Support Program to provide up to $35 million in annual support for eligible wineries until 2029-30, with total program funding of $175 million. It says it anticipates the move will double the percentage of Ontario grapes in blended wine. It further outlines plans to expand its investment in the VQA Wine Support Program to $84 million annually, with total program funding of $420 million over the next five years. The government also plans to introduce changes for retail cannabis stores to 'improve their outside visibility.' SECURITY AND PUBLIC SAFETY The budget proposes $1 billion in funding to expand and renovate the Ontario Police College in Aylmer, Ont., and a new Ontario Provincial Police academy in Orillia, Ont. It also proposes $8.8 million to support a one-time additional intake of up to 300 recruits in the basic constable training program. It's proposing an additional $113 million over the next three years to combat illegal cross-border activity through measures such as air patrols and firearm seizures. It earmarks $57 million for two new helicopters for police in Niagara Region and Windsor. Last year, the government announced $134 million for five helicopters for the Greater Toronto Area and Ottawa. The budget also earmarks $6 million to help tackle auto theft in the province, and $12.8 million this year to help faith-based and cultural organizations implement safety measures such as hiring security staff and building repairs. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our politics newsletter, First Reading, here .
