Critical minerals — like nickel, cobalt and lithium — are worth $3.5 billion a year to the provincial economy. Toronto is also home to the Toronto Stock Exchange (TSX) and the TSX Venture Exchange, which raises capital for critical mineral exploration.
Ford has been eyeing further development in northern Ontario for some time with promises to open up the ‘Ring of Fire’ mineral deposit located north of Thunder Bay. The provincial government wants electrical vehicles made in the province and a lot of that plan depends on available minerals.
“The critical minerals strategy is our government’s blueprint to connect industries, resources and workers in our province’s north to the future of manufacturing in the south as we build up home-grown supply chains,” Ford said in a news release. The premier made the announcement at the Lac-des-Iles Mine with Minister of Northern Development, Mines, Natural Resources and Forestry Greg Rickford and Minister of Economic Development, Job Creation and Trade Vic Fedeli.
The strategy would rely on six priorities, enhancing data collection and supporting critical minerals exploration, growing domestic processing capacity and building stronger supply chains, improving the regulatory framework to make the mining industry more globally competitive, investing in innovation, research and development, building economic development opportunities with Indigenous partners and growing the skilled labour force.