{"id":15757,"date":"2025-03-10T16:53:43","date_gmt":"2025-03-10T16:53:43","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2025\/03\/10\/ontario-premier-pushes-to-fast-track-mining-as-industry-grows-to-c64-billion\/"},"modified":"2025-03-10T16:53:43","modified_gmt":"2025-03-10T16:53:43","slug":"ontario-premier-pushes-to-fast-track-mining-as-industry-grows-to-c64-billion","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2025\/03\/10\/ontario-premier-pushes-to-fast-track-mining-as-industry-grows-to-c64-billion\/","title":{"rendered":"Ontario Premier Pushes to Fast Track Mining as Industry Grows to C$64 Billion"},"content":{"rendered":"<\/p>\n

A new report from the Ontario Mining Association reveals that the province\u2019s mineral exports reached C$64 billion in 2023, accounting for more than 25 percent of Ontario\u2019s total goods exports. <\/strong><\/p>\n

Of that amount, C$42 billion worth of minerals were shipped to the US, including C$5.7 billion in critical minerals such as platinum-group metals, nickel, copper, uranium and zinc. <\/p>\n

More than half \u2014 or 57 percent \u2014 of Ontario\u2019s critical mineral exports were destined for the US.<\/p>\n

The State of the Ontario Mining Sector report highlights the industry\u2019s profound impact on the provincial economy. <\/p>\n

Ontario remains Canada\u2019s top gold producer, home to 18 operating gold mines that yielded approximately 2.9 million troy ounces of gold in 2023, valued at C$6.5 billion. The province also boasts nine active critical mineral mines and 10 processing facilities, feeding industries such as aerospace, defense and electric vehicle production.<\/p>\n

The report underscores mining\u2019s economic contributions, including a C$23.8 billion injection into Ontario\u2019s GDP in 2023 \u2014 nearly 3 percent of the province\u2019s total GDP. Mining investments reached C$5.2 billion in capital expenditures, directly employing 22,000 workers with an average salary of C$150,000 \u2014 almost double the provincial average.<\/p>\n

The industry also supports 126,000 indirect jobs, and 12 percent of its workforce identifies as Indigenous, significantly higher than the 3 percent Indigenous participation across Ontario\u2019s overall workforce.<\/p>\n

\u2018Ontario\u2019s mining sector is a cornerstone of our technology-driven economy, delivering well-paying jobs, producing essential inputs to North America\u2019s manufacturing supply chain, and plays a vital role in our continental security,\u201d said Ontario Mining Association President Priya Tandon in a Tuesday (March 4) press release.<\/p>\n

Ontario\u2019s mineral production reached C$15.7 billion in 2023, a 50 percent increase over the past decade. Between 2019 and 2024, four new mines opened in Northern Ontario, with six new projects and four expansions underway.<\/p>\n

Ontario remains a global leader in mining finance, with the TSX and TSXV listing 40 percent of the world\u2019s publicly traded mining companies, valued at C$603 billion by the end of 2024 \u2014 more than triple their market value in 2015.<\/p>\n

However, exploration spending \u2014 key to ensuring long-term commodities supply \u2014 was C$976 million in 2023, representing 23 percent of Canada\u2019s total, but highlighting the need for continued investment.<\/p>\n

The sector also faces labor shortages, with 21 percent of its workforce over the age of 55 and declining enrollment in mining-related educational programs. The Ontario Mining Association\u2019s \u2018This is Mine Life\u2019 campaign, funded in part by the provincial and federal governments, is working to attract young people and newcomers to Canada to mining careers.<\/p>\n

\n

Ontario\u2019s push to accelerate mining development <\/h3>\n

Ontario Premier Doug Ford used his speech at the Prospectors & Developers Association of Canada (PDAC) convention to reaffirm his commitment to fast tracking mineral extraction projects.<\/p>\n

In particular, he highlighted the Ring of Fire, a region known for its vast nickel, copper and chromite deposits.<\/p>\n

At the event, Ford reiterated his pledge to streamline resource development approvals and create special zones where critical minerals projects can move forward with expedited timelines.<\/p>\n

\u201cTogether, we need to build the most competitive economy in the G7 to invest, create jobs, and do business,\u201d Ford told attendees, warning that Ontario must be prepared for \u2018anything and everything\u2019 in response to US tariffs.<\/p>\n

As part of his efforts to strengthen Indigenous participation, Ford reiterated his commitment to adding C$70 million to the Aboriginal Participation Fund and to relaunching the Aboriginal Loan Guarantee Program as a C$3 billion First Nations Opportunities Financing Program. However, Indigenous leaders have raised concerns about the speed of development in the mining industry and potential infringement on treaty rights.<\/p>\n

Ford, when asked whether his push for fast tracking mining development means bypassing environmental assessments, responded, \u2018We\u2019re going to sit down with (First Nations leaders) and have a great conversation.\u2019<\/p>\n

Overall, the Ford government has committed C$500 million to a critical minerals processing fund, aiming to attract investors and establish Ontario as a hub for refining materials like nickel, copper and lithium. The initiative aligns with broader western efforts to counter China\u2019s dominance in the global supply of refined metals.<\/p>\n

\u201cWe have the critical minerals the world needs, and we have the workforce to get them out of the ground,\u201d Ford stated in the same PDAC address. \u201cBut we don\u2019t want to see those minerals ripped and shipped overseas or south of the border. We want Ontario\u2019s critical minerals to be processed and refined right here by Ontario workers.\u201d<\/p>\n<\/div>\n

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

A new report from the Ontario Mining Association reveals that the province\u2019s mineral exports reached C$64 billion in 2023, accounting for more than 25 percent of Ontario\u2019s total goods exports. Of that amount, C$42 billion worth of minerals were shipped to the US, including C$5.7 billion in critical minerals such as platinum-group metals, nickel, copper, […]<\/p>\n","protected":false},"author":0,"featured_media":15758,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-15757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/15757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=15757"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/15757\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/15758"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=15757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=15757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=15757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}