The provincial government is investing $500 million into a Critical Minerals Processing Fund (CMPF).
The new fund is meant to speed up the process of constructing and expanding processing facilities for critical minerals by helping finance projects.
The Ontario government is looking to develop a more circular economy around critical minerals, which will require processing facilities to keep up with the growing demand to open new critical mineral mines.
The CMPF is intended to complement any attempt to open up the Ring of Fire to new mines.
Demand for critical minerals like graphite, lithium, cobalt, nickel, and copper has increased substantially in the last few years due to their necessity in modern technologies like computers, as well as green energy technologies like solar panels, electric vehicles, and battery storage.
Any businesses hoping to receive funding under the CMPF should consult Invest Ontario.
