Critical Minerals Innovation Fund gets boost from the province

Critical Minerals Innovation Fund gets a boost The province is putting $5 million towards the Critical Minerals Innovation Fund to increase research and development of new technologies.

Ontario's Minister of Mines George Pirie informed the mining and education sector that the Ford government is putting five million dollars towards the Critical Minerals Innovation Fund to increase research and development of new technologies.

"I know there’s a number of industries right now that will throw their hand up and say hey look we want to use this money to fund in partnership with the college, in partnership with Indigenous groups, in partnerships with already existing facilities to in fact make this happen," said Pirie.

This fund is expected to help build the supply chain for clean technologies, including electric vehicles.

“In lithium in particular, roughly eighty per cent of refined materials and chemicals come out of east Asia, in particular China so there’s really an opportunity with both governments and private industry to collaborate and work together to address that geopolitical concern," said Trevor Walker the CEO of Frontier Lithium.

Canada Nickel, which has its Crawford Project near Timmins, said this commitment has the potential to attract further investment.

“When investors see government is willing to put up risk capital to have mining activities advance,” said Mark Selby, CEO of Canada Nickel.

“It’s a very clear signal to the car companies, to the battery companies that we’re talking about that Ontario is very serious about seeing more mining happen in Ontario."

Officials with Northern College officials told CTV News the announcement was 'win-win' for both industry and students.

“Students involved with these projects, they end up with about a year and a half’s worth of experience just from a three month project because it’s hands on, it’s practical, it’s applying real world understanding of what they’re learning and that speaks volumes," said Doctor Audrey Penner, president of Northern College.

Mining companies interested in receiving money from the Critical Minerals Innovation Fund need to act quickly as applications will be accepted until Dec. 18.