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(Bloomberg) — The Ontario government will spend nearly C$3.1 billion ($2.2 billion) to encourage Indigenous participation in the mining industry, in a bid to ramp up critical minerals production across Canada’s most populous province.
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Premier Doug Ford’s government said Wednesday that most of the money will go to loan guarantees that enable Indigenous business groups to invest in Ontario mining projects. Funds will also go toward grants and scholarships for Indigenous students interested in careers in mining and resource development.
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The spending is part of a countrywide push to accelerate mining projects and cut down on regulatory hurdles at a time when global demand for raw materials like nickel, copper and cobalt is growing. Canada has an abundance of critical minerals and Ontario is home to some of the country’s largest mines, but the nation has struggled to permit projects quickly in part due to red tape, long consultation periods with local Indigenous groups and litigation regarding environmental concerns.
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“The status quo is not working. We have examples where mines are taking twice the rate of other provinces or democracies in the industrialized world,” Ontario’s Energy and Mining Minister Stephen Lecce said during a Wednesday press conference. “This is about economic self-reliance. It’s about creating certainty for investors.”
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Indigenous groups have played a growing role in Canada’s mining industry in recent years, with more First Nations-led funds securing royalty agreements with mining projects or buying stakes directly in companies.
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