The Ontario government is investing close to $9 million to help junior mining companies finance early exploration projects. The goal is to help them find critical minerals used in electric vehicles, smartphones, laptops, medical equipment, and renewable energy.
The cash injection is being delivered through the Ontario Junior Exploration Program, and provincial Mines Minster George Pirie says the province has no choice but to offer these types of taxpayer-funded investments. “That’s what this boils down to. If you don’t have the right incentives the exploration companies will go elsewhere. Quebec has got a very aggressive program.”
Pirie, the MPP for Timmins, adds their investment in northern Ontario mines will allow provincial mining companies to be competitive in the green market. “There are billions of dollars in investment that have been secured for battery manufacturing plants and EV auto companies in Southern Ontario. We want to match the mineral endowment in Northern Ontario with those.” He added the investments will also benefit Indigenous communities in the north.