Companies say the money could help accelerate production timelines for priority metals
The long-awaited Critical Minerals Infrastructure Fund (CMIF) launched on Monday, and several northern Ontario mining companies are hopeful their projects will be selected by Ottawa.
With $1.5 billion available over the next seven years, there is a lot of money at play. Up to $300 million is available in the first call for proposals, which ends in late February. The program has two streams. One focuses on pre-construction and project development, and the other looks at infrastructure deployment.
It is a cornerstone of Canada’s critical minerals strategy, which aims to help the country become a major player in the global mining supply chain as the world tries to move towards a lower-carbon economy. Selected companies could access up to $50 million in funding per project, a sum large enough to help “unlock” major deposits, according to Canada Nickel CEO Mark Selby.
That company is advancing the Crawford nickel project near Timmins. It hopes Crawford could become the largest nickel sulfide operation outside of Russia and China.
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