Ontario Launches $500M Critical Minerals Processing Fund to Strengthen Domestic Supply Chains

Ontario has launched its $500-million Critical Minerals Processing Fund to support mining companies and enhance the province's critical minerals processing capacity. This initiative aims to ensure that minerals mined in Ontario are processed locally, creating jobs and boosting the economy.

The fund was officially announced by Economic Development Minister Vic Fedeli and Energy and Mines Minister Stephen Leece during a media event at Science North. Fedeli highlighted that the fund will protect the province from external disruptions and shortages while strengthening supply chains in various sectors, including defense and automotive.

The fund has no application limit, with assessments based on financial due diligence. Ontario is a key supplier of critical minerals to the U.S., which relies heavily on Canadian resources, making local processing economically beneficial.