The Ontario Government will invest approximately C$3.1bn through loans, grants and scholarships to enhance indigenous participation and ownership in the region’s critical minerals supply chain.
The measures proposed in the province’s 2025 budget include tripling the loan guarantees offered through the Indigenous Opportunities Financing Programme to C$3bn and extending eligibility beyond the electricity sector to mining and other industries.
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Additionally, the province plans to invest C$70m over four years in the Indigenous Participation Fund to boost indigenous communities’ capacity to participate in regulatory processes related to mineral exploration and mine development.
A further C$10m will be allocated over three years to create scholarship opportunities for First Nations postsecondary students, equipping the next generation with the necessary skills for careers in resource development.
These investments are expected to open new opportunities for workers and businesses, particularly in indigenous communities and northern regions such as Thunder Bay and Sudbury.
Minister of Energy and Mines Stephen Lecce said: “This is more than just a mining investment; it is a blueprint for a stronger, more prosperous north as we increase funding and partnership with indigenous communities.
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By GlobalData“We are creating real opportunities so young people and Indigenous communities can build their futures at home with good jobs, hands-on skills and lasting careers. The world needs what Ontario has and we are ready to deliver.”
The government’s review of the Indigenous Opportunities Financing Programme and the introduction of legislation to streamline infrastructure and mining projects are aimed at creating a more competitive and resilient economy.
The provision of new resources and opportunities for equity partnerships with indigenous communities is expected to facilitate the establishment of a ‘made-in-Ontario’ critical minerals supply chain.
Ontario is recognised globally for its mineral wealth, including key components for electric vehicles and advanced technologies. The Ring of Fire, a large mineral-rich region in Ontario, is central to these development efforts.
Minister of Finance Peter Bethlenfalvy said: “Ontario’s vast supply of critical minerals are at the heart of our plan to protect Ontario.
“By investing to unlock and process these minerals here in Ontario in partnership with indigenous communities, we can make Ontario the top global hub of critical mineral development and protect our economy, workers and communities for decades to come.”
Last month, the Ontario Government launched a C$11bn tax deferral programme offering businesses a six-month reprieve on certain provincially administered taxes to manage the impact of US trade policy on the provincial economy.
