New money from the province for critical minerals supply chain

Nipissing MPP Vic Fedeli is shown in this undated photo. (File photo/CTV News)

The province says it’s spending $740,000 to support the development of the critical minerals supply chain with funds being directed to two Nipissing businesses.

Nipissing MPP Vic Fedeli said June 25 that the funding comes from the critical minerals innovation fund, which is used by the provincial government to support innovation and unlock new opportunities for economic growth.

A $500 million critical minerals processing fund was established by the province to accelerate development of domestic processing capacity.

Recipients include $500,000 to Drillco Mining and Exploration and more than $247,000 to Osprey Advanced Materials Corp.

“Our government is securing the critical minerals, supply chains, and investments needed to position Ontario as the most competitive jurisdiction in the G7 for critical mineral development,” said Fedeli in a news release.

“This investment will ensure that critical minerals mined in Ontario are increasingly processed and refined in Ontario-by-Ontario workers, creating more value-added opportunities and building a stronger, more self-reliant economy.”

The announcement is one of 18 projects funded by the province through the critical minerals innovation fund, the province said.