Toronto – As global demand for critical minerals is expected to double by 2040, Canada is uniquely positioned to be a global leader and supply this growing market: we have an abundance of critical minerals and the workers, businesses and communities with the know-how to scale up the mining, processing and manufacturing of products and the recycling of these minerals. Since the launch of Canada’s first-ever Critical Minerals Strategy in 2022, the Government of Canada has made historic investments and removed barriers to get good mines and processing facilities built faster, responsibly.
First, this includes a two-year extension of the 15-percent Mineral Exploration Tax Credit (METC) for investors in flow-through shares until March 31, 2027. The METC provides important support to junior exploration, mining and mineral processing companies. This extension is expected to provide $110 million to support exploration investment across Canada, including in discovering new mineral deposits, developing mining sites and driving regional economic growth, particularly in Indigenous northern and remote communities.
The Minister also announced the official launch of a second Call for Proposals under the Critical Minerals Infrastructure Fund (CMIF), with up to $500 million in funding available for energy and transportation infrastructure projects necessary to accelerate mining and enable the development and expansion of critical minerals in Canada. This new call for proposals follows the first one launched last year, which has now conditionally approved more than 31 projects, pending final due diligence, with over $300 million in support, spurring job creation and economic growth.
By developing and expanding critical minerals production, including by fostering the growth of an end-to-end value chain, Canada can create good jobs for Canadian workers and businesses, bolster its energy security, reduce our reliance on authoritarian governments and contribute to a resilient and secure economic future.
Lastly, to support infrastructure development, innovation and data collection, while partnering with Indigenous communities on engagement, participation and capacity, Minister Wilkinson also announced a total investment up to $50 million in critical mineral projects.
These announcements will further support Canada as a global leader, a reliable supplier and ally of choice of critical minerals to the world, which are increasingly in demand to power the economy of the future — including semiconductors and processing chips, batteries and clean energy technologies, and much more.
“The investments and initiatives announced today will create good jobs for Canadian workers and businesses, support economic opportunities, bolster its energy security, reduce our reliance on authoritarian governments and contribute to a resilient and secure future. With over $700 million in investments under the Canadian Critical Minerals Strategy by the Government of Canada alone in the past two years, Canada’s mining and critical minerals industry have successfully risen to the challenge of meeting the ever-increasing international demand for critical minerals. Collaboration at all levels of government with industry partners and with Indigenous communities across the country has made Canada a supplier of choice for responsibly sourced minerals the world needs.” – Jonathan Wilkinson, Minister of Energy and Natural Resources
“Better infrastructure is key to Canada’s critical minerals supply chain. With up to $500 million in new funding under the Critical Minerals Infrastructure Fund, we are accelerating mining and expanding critical mineral development, advancing clean energy and strengthening our economy.” – Anita Anand, Minister of Transport and Internal Trade
“The fight against climate change requires all of us to work together. By investing big in critical minerals research and infrastructure development, we are not only accelerating our transition to a low-carbon economy but also securing generational economic opportunities for Canadians to take the lead in the global shift to net zero.”- François-Philippe Champagne, Minister of Innovation, Science and Industry
“In the midst of a global shift toward decarbonation, it’s crucially important to support the growth of our world-class mining sector. With this proposed extension to the Mineral Exploration Tax Credit, we continue to foster the sustainable development of Canada’s natural resources, create well-paying jobs for Canadian workers in the mining sector and grow our economy.” – Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs