The Government of Ontario is evidently looking to be more supportive of its mining industry. The government today unveiled new legislation that it hopes will enable the province to “become a leading jurisdiction for mineral investment and development.”
Doug Ford’s government introduced legislative changes to the Mining Act that are geared towards attracting more investment in the sector while improving the critical minerals supply chains. Those changes specifically aim to improve supply chains for advanced manufacturing technologies such as batteries, electric vehicles, telecommunications and more.
The changes aim to reduce the time it takes to open a mine, with proposed changes to including making it easier for firms to get permits to process mine tailings and waste from prior mines, improve closure planning by expanding the staff that certify such plans and deferring certain aspects of closure plans, expanding permitted techniques used to rehabilitate mines, and creating more options for the payment of financial assurance, including enabling such payments to be made in phases.
The amendments are said to maintain current standards for environmental protection, and meet requirements to consult with Indigenous communities.
“It shouldn’t take 15 years to open a mine. This process is too time consuming and costly, leading to project delays and lost opportunities for Ontario’s mineral exploration and mining sector. We need to get building,” said Minister of Mines George Pirie in conjunction with the announcement.
The province of Ontario reportedly produced $11.1 billion worth of minerals in 2021, of which $3.1 billion were critical minerals.
The proposed amendments were filed today with the Environmental Registry of Ontario, with the amendments open for public comment through to April 16.
The changes are said to be supported by Newmont, Agnico Eagle Mines, Vale Base Metals, and the Ontario Mining Association, among others.
Information for this briefing was found via the Government of Ontario and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
