The province is providing more money to advance investment in the exploration, mining and processing of critical minerals.
Energy and Mines Minister Stephen Lecce says another $7 million will be made available through the Critical Minerals Innovation Fund.
“And we’re launching it today, welcoming applications between today and October 1st so that we really embrace made in Ontario projects that will drive innovation that will help grow our critical minerals sector and secure our leadership in the world,” says Lecce.
The province first launched the fund in 2022.
It has since supported more than 29 projects that have received funding totalling $20 million.
Lecce says it is worth the investment.
“We’re doing that because ultimately innovation is what’s going to drive down costs. It’s going to increase competitiveness and the productivity of our minds, and we see this as a value-add.
And so it’s a small enabling investment for a large return on investment for the taxpayer.”
The fund will contribute a maximum of 50% of eligible project costs up to $500,000 per project.
