Canada Announces Over $15 million For Canadian Mining Sector

Jun 17, 2024 - one year ago

Canada’s minerals and metals are essential contributors to our economy, infrastructure, innovation and environmental stewardship. And as the world moves toward net zero by 2050, demand for Canada’s mineral resources, especially critical minerals, will only increase.

Canada Announces Over $15 million For Canadian Mining Sector — *Northern lights in Yukon. Unsplash/Leonard Laub*

By making the right investments in the exploration and mining sector, we can enable sustainable resource development, create good jobs, drive economic growth and advance Indigenous participation and leadership in our economy.

That is why, at the 2024 Prospectors and Developers Association of Canada (PDAC) convention, the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, announced federal investments of over $15 million in projects to increase Indigenous participation and support the development of Canada’s critical minerals sector.

“Critical minerals are a generational economic opportunity for Canada — from mineral exploration and extraction to advanced manufacturing to processing and recycling, we are making investments across the value chain,” stated Minister Wilkinson. “Canada will continue to make these strategic investments in important projects and Indigenous communities to help enable and grow the sustainable development of these minerals, reinforcing Canada's position as a global supplier of choice for clean technology, clean energy and the resources the world needs to build a prosperous net-zero economy”.

Minister Wilkinson also announced the launch of the first call for proposals for Indigenous grants under the Critical Minerals Infrastructure Fund (CMIF). The first call for proposals will provide up to $3.5 million in federal funding available to support Indigenous engagement, knowledge sharing and capacity building related to clean energy and transportation projects to enable critical minerals development. Overall, the CMIF Indigenous grant stream will provide $13.5 million in funding and run until March 31, 2030.

And to support Indigenous communities today in seizing the economic opportunities presented by sustainably sourced mineral resources, Canada will be funding seven mining projects representing over $10.4 million under the Indigenous Natural Resource Partnerships (INRP) program. Activities funded through these projects include capacity building initiatives, support for the development of partnership programs, conducting key feasibility studies, expanding skills training and advancing important infrastructure projects.

These projects will expand the participation of Indigenous communities and organizations in the development of critical mineral projects that support the transition to a clean energy future. Recipients of the INRP funding include:

Łı́ı́dlı̨ı̨ Kų́ę́ First Nation (LKFN) — $1,974,675
Global Indigenous Development Trust — $2,408,543
Saskatchewan First Nations Natural Resources Centre of Excellence — $4,500,000
Accurate Industries (Ministikwan Lake Cree Nation) — $234,467
Fond Du Lac Denesuline First Nation (FDLDFN) — $688,998
Keewatin Tribal Council (KTC) — $324,432
Birdtail Sioux Dakota Nation — $352,500

The Government of Canada will also be providing $4.9 million to Magneto Investments Limited Partnership through the Critical Minerals Research Development and Demonstration Program. This funding will go toward new and innovative technologies and processes that will help increase the supply of battery-grade cobalt and nickel sulphate, which are essential to the development of a secure and sustainable domestic electric vehicle value chain.
Canada is one of only two countries with the minerals and metals required for lithium-ion battery production. Magneto’s project will support Canada in participating directly in the growing market of battery-grade cobalt and nickel sulphate domestically, instead of shipping concentrate overseas to feed the stainless-steel industry.

"The demand for critical minerals, and the products made with them, presents an occasion for industrial diversification, high-quality employment and sustainable development,” said The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry. “Because of the abundance of critical minerals in our country, Canada can become the green supplier of choice by contributing to responsible development, competitiveness, and supply chain stability."

These announcements made at PDAC 2024 are part of a series of significant steps the Government of Canada is taking to support innovation in the mining sector, strengthen Indigenous partnerships and create jobs. Canada will continue to work with partners to establish our country as the world’s green supplier of choice for critical minerals — ensuring a prosperous and clean future for Canadians from coast to coast to coast.

Quick facts

Budget 2022 allocated $80 million over five years, starting in 2022–2023, to renew and expand the INRP to all natural resource sectors and all regions of Canada. At least $25 million of this funding is dedicated to Indigenous communities’ capacity building to support their participation in critical minerals development.
Information on funding opportunities and the applicant materials for CMIF are available online. Applications for this CFP must be submitted online by December 31, 2024.

Source: Natural Resources Canada