Ontario is looking to boost the province’s electric vehicle (EV) industry by announcing a critical minerals strategy.
The five-year strategy will see multiple investments by the province.
The province will invest $24 million into a Junior Exploration Program, which will support half into a critical minerals funding stream.
The province will also invest $5 million in a critical mineral innovation fund.
The strategy aims to:
- Focus on supporting critical mineral explorations
- Enhance geoscience information
- Improve the regulatory framework
- Invest in research and building economic development opportunities and;
- Grow the labour supply for the mining sector.
The province hopes the funding will better connect the critical material mines in the north with the manufacturing sector in the south.
The main focus of the investment is to ensure Ontario auto manufacturers have access to these minerals for EV battery manufacturing.
The battery, telecommunication and national defence markets will also see a surplus of supply.
Ontario identified 33 critical minerals within the province, including lithium, nickel, cobalt, and rare earth elements.
In addition to the critical mineral investment, the government also announced an investment of $250,000 to support the development of two new battery production lines at Electra Battery Materials.
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— Doug Ford (@fordnation) March 18, 2022