Ontario and Saskatchewan Ramp Up Mining Sector Investments

The Canadian provinces of Ontario and Saskatchewan are funnelling substantial funds into their mining sectors to bolster critical minerals infrastructure and cultivate the next generation of miners.

The investments are poised to revitalize key areas of the provinces' economies and enhance their global competitiveness.

In its 2024 budget, Ontario announced plans to inject C$15 million into the Critical Minerals Innovation Fund (CMIF) to foster research and development in the critical minerals sector. The investment will be spread across three years, and will help boost research, development and commercialization of forward-thinking technologies.

Launched in late 2022, the CMIF offers funding of up to 50 percent of eligible project costs, capped at C$500,000 per project. The fund targets sectors that are vital for national defense, emerging technologies and a low-carbon future.

Several companies, including Carbonix, Canada Nickel Company (TSXV:CNC,OTCQX:CNIKF), the Canadian division of Vale (NYSE:VALE) and Wyloo Metals, have already received substantial funding under the CMIF for their pioneering projects aimed at enhancing the extraction and processing of critical minerals.

The budget highlights that Ontario has already earmarked C$1 billion to fortify critical legacy infrastructure, focusing on all-season roads, broadband connectivity and community support systems in the Ring of Fire region.

The province is also committed to supporting various infrastructure projects, such as the Marten Falls Community Access Road Project and the Webequie Supply Road Project, in collaboration with Indigenous partners.

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.