What have been some highlights during 2024?

The regulations of the Building More Mines Act came into force on April 1st, 2024, and we continue to make improvements and enhancements to the regulatory framework, with further amendments set to be released in November 2024. These new changes will be incorporated into the Red Tape Reduction Bill, aiming to streamline the mine approval and permitting process. Our largest policy initiative currently is the ‘One Project, One Process’ initiative, which aims to break down the confusion and delays Indigenous communities and mining companies encounter. 

Ontario welcomed two new producing mines in the summer of 2024 as IAMGOLD’s Côté Gold and Equinox Gold’s Greenstone Gold mines started production. The province has also seen great exploration success, with Ontario being ranked the number one jurisdiction in 2023 for junior exploration spending in Canada. We continue to discover new rare earth metals across the province, including cesium north of Timmins, which is vital for national security and the movement to clean energy. There is currently no global production, and all the stockpiles are in China, meaning if we can harness this resource, it will not only boost the economy in Ontario but be of strategic importance to the West. At PDAC 2024, we had some insightful conversations with the Canadian Minister of Energy and Natural Resources concerning building our mines faster for the benefit of national security. This is associated with the ongoing global geopolitical tensions and aligns with our goals at the Ministry.

How do you balance the Building More Mines Act with First Nations’ concerns?

Our lands are not only critical to Canada but to all Western Democracies. Whilst our motivation for the production of critical minerals is clean energy, it is clear from our trips to Washington D.C. that the US views these resources through the lens of national security as they simply do not have the deposits of critical minerals that Ontario possesses. For example, America’s only nickel deposit is processed here in Sudbury. The West does not want nickel from Indonesia, as it is funded by China, fueled by coal, and has poor tailings management, but here in Ontario, we have nickel to replace the Indonesian supply. There has been momentum and urgency over the last year, with Washington D.C. realizing the importance of critical minerals from a security standpoint. 

We have excellent relations with the Indigenous Peoples and communities across Ontario, and a few months ago, we received a presentation from the Chiefs of Ontario regarding their concerns. The Ministry has delivered a response, and a large part of this was in consultation with Mineral Development Advisors that are employed by the First Nations. If the ask is for more people to alleviate the administrative burden that increased exploration will bring, then certainly, we are willing to help. Our support also involves educational programs, codifying requirements clearly for Indigenous groups to help us execute our strategy and help supply skilled labor for these projects.

Could you comment on the ongoing issues juniors have with financing?

The Premier of Ontario and the Minister of Finance are aware of this issue, and we have an active file to address financing concerns in the junior sector. WA1 Resources, a junior company that recently discovered low-grade niobium in Australia, managed to increase its stock price by 150% in the last year, helped by the regulators there. Juniors must gain financial backing to explore, build infrastructure, and create jobs, and this can only be done through the markets. We are watching the example of Australia and its successful junior sector closely. 

What is next for Ontario’s Ministry of Mines in 2025?

Our primary focus will be introducing the ‘One Project, One Process’ initiative. The current price of gold is a direct reflection of geopolitical tensions, with China being the largest producer and consumer in the world. This ties into the sense of urgency we have for critical and rare earth minerals. Whilst the Canadian federal government has restricted investment from China into mining, the market has opened up for Australia and the US, who are financing and aiding with projects across Ontario. We are in exciting times for mining despite the situation in the wider world, and we are well-positioned in Ontario to weather the storms that may be on the horizon.