The worldwide recognition of Ontario’s mining expertise is undoubtedly rooted in the industry’s storied history and internationally recognized environmental standards. The discoveries made by our tremendous minerals sector over the last 200 years have led to developing stronger communities and regions brought to life from building new mines. The industry remains vital to Ontario’s economy, especially in the north. We find ourselves once again at a time where the mining industry is needed to develop the technologies of tomorrow. Resource sectors around the world are facing a new-found urgency to unearth the critical minerals our society needs to build smartphones, batteries, and electric vehicles.
Today’s evolving mining landscape presents a generational opportunity for our province that we must take advantage of. We know the world wants Ontario’s critical minerals, and government’s role is to create the right business conditions to attract investment, optimize competitive advantages, and enable the mining sector to do what it does best, build more mines.
The pace of technology and business is the speed government must operate at to capitalize on the worldwide demand for critical minerals.
Our government’s Building More Mines Act, 2023, is setting the stage for Ontario to become the leading global jurisdiction for mineral investment and development. The Mining Act amendments will create the right legislative and regulatory environment for companies to build mines more efficiently to support developing a Made-in-Ontario critical minerals supply chain for the global electric vehicle revolution. This integrated supply chain will connect northern Ontario’s critical minerals producers with our world-class manufacturing sector in the south.
Unlocking northern Ontario’s critical minerals is key to our future economy and focusing on exploration is crucial. Accessing critical minerals deposits, such as those sitting in the Ring of Fire region, will lead to creating job opportunities for northern and Indigenous communities. The discovery of potential new mines relies on prospecting and the early and advanced exploration work of junior exploration companies.
In 2022, Ontario was ranked as the top jurisdiction nationally for mineral exploration expenditures, totalling C$989M. Junior mining companies in our province totalled C$388M in exploration spending. These impressive numbers highlight how our Critical Minerals Strategy is working. Our government is supporting the industry and setting up our mining industry for future success by launching initiatives that invest in innovation and encourage exploration activity.
For instance, the Ontario Junior Exploration Program (OJEP) helps exploration companies fund early-stage projects and supports mineral exploration by covering up to 50% of eligible costs to a maximum C$200,000 for critical and precious mineral exploration and development.
Since launching OJEP in 2021, our government has invested C$35M over four years to it. This includes C$23M devoted to discovering all types of minerals, and a C$12M stream dedicated exclusively to critical minerals exploration.
In addition to OJEP, our Critical Minerals Innovation Fund (CMIF) supports Ontario’s critical minerals sector by funding research, development, and the commercialization of projects to attract investments in our province’s Made-in-Ontario supply chain. This C$5M fund is supporting Ontario-based projects ranging from mining and mineral processing to the recovery and recycling of minerals. These projects prove that our province has the mineral resources and industry expertise to supply and manufacture the innovative technologies of the future.
It is an exciting time for Ontario’s mineral development community. The future prosperity of our province is being staked today by the professionals working towards adding to our mineral wealth. There is no doubt that our province has the mineral resources, technology, innovation, skills, expertise, and supporting services needed to become the mining industry’s worldwide leader for generations to come.
Ontario is ready for today’s economic challenges, with the knowledge and expertise of our mining sector, we will continue to be a driving force in the industry. We know that we cannot build a Made-in-Ontario critical minerals supply chain for EVs without mining. Our government must take action to reach our mining industry’s full potential. There is an incredible opportunity right now for continued growth, to explore new partnerships, and to add yet another exciting chapter to our province’s mining story.
