Spending details of $3.8B Critical Minerals Strategy expected in fall, says government

Details of how the federal government plans to spend its multi-billion dollar Critical Minerals Strategy will be announced sometime in the Fall, says Natural Resources Canada.

The Strategy was announced in April as part of Budget 2022 and earmarks up to $3.8 billion over eight years starting in 2022-2023 to advance critical mineral exploration, development and supply chains.

In an email to The Northern Miner, Natural Resources Canada spokesperson Anthony Ertl said there is not yet a forecast date for the Strategy’s release.

The release of the spending strategy will follow the closure on Sept. 15 of a consultation period that began on June 14.

The Strategy will be based on comments received from the Critical Minerals Strategy Discussion Paper released by Natural Resources Minister Jonathan Wilkinson at the Prospectors and Developers Association of Canada conference in Toronto in June.  

The discussion paper states that of the 31 minerals considered critical for sustainable economic success in Canada, six are being prioritized for early development: lithium, graphite, nickel, cobalt, copper, and rare-earth elements.

Highlights of the $3.8 billion scheme include $1.5 billion for new infrastructure investments for new mineral projects in critical regions, such as the Ring of Fire in northern Ontario; another $1.5 billion for new critical minerals projects, with a focus on mineral processing, materials manufacturing and recycling; and a doubling of the Mineral Exploration Tax Credit for specific minerals such as nickel, copper, cobalt, rare earths elements and uranium.

With the consultation deadline fast approaching, submissions can be emailed to Natural Resources Canada’s Critical Minerals Centre of Excellence at cmce-cemc@nrcan-rncan.gc.ca.