The Ontario government is expanding financing for the Ontario Junior Investigation Program (OJEP) to assist more organizations with finding basic minerals, for example, nickel and cobalt, which are important to help the developing inventory network for electric vehicles, and make occupations for northern and Native people group.
The subsidizing was reported as a component of the 2023 Spending plan: Building Serious areas of strength for an and incorporates an extra $6 million throughout the following two years for this effective program, getting the public authority’s all out speculation OJEP to $35 million.
Minister of Finance Peter Bethlenfalvy stated, “Our government is taking a comprehensive approach to unlock the economic potential of Northern Ontario.” This critical minerals strategy is part of our government’s plan to build Ontario’s economy by attracting investment and creating jobs to build a solid foundation for the future. To build a strong Ontario now and in the future, this is the right strategy.”
OJEP, which was launched in 2021, helps junior mining companies finance early exploration projects by covering eligible costs for the exploration and development of critical and precious minerals. 48 junior mining companies have received funding thus far, which has led to additional investments of $17.5 million in these projects.
Minister of Mines George Pirie stated, “The key to the economy of the future is unlocking Northern Ontario’s critical minerals.” Our government is connecting these resources to southern Ontario’s world-class manufacturing capabilities by investing in programs like the Ontario Junior Exploration Program. We are consolidating the province’s position as the location where the automobiles of the future will be manufactured.
The province has also put $5 million into the Critical Minerals Innovation Fund, which helps companies in Ontario that are leading the development of new mining technologies for the critical minerals supply chain. Ontario now has $40 million invested in critical minerals.
“The Ontario Miners Affiliation is satisfied to see a development of subsidizing for OJEP,” said Garry Clark, Leader of the Ontario Miners Affiliation. ” Not only does this important program help attract more explorers and businesses to Ontario, but it also gives junior exploration companies the resources they need to expand their budgets in order to find and develop mineral deposits that have the potential to become significant mines.
Building a Strong Ontario, the Ontario government’s budget for 2023, is speeding up key infrastructure projects, attracting jobs and investments, and driving economic growth. In addition, the plan proposed by the government aims to improve services for Ontario residents, reduce costs for those most in need, and train skilled workers to fill in-demand positions.