The Manitoba government has provided $1.7 million in funding for the latest projects receiving support through the Manitoba Mineral Development Fund (MMDF), as managed by the Manitoba Chambers of Commerce, Economic Development, Investment and Trade Minister Jeff Wharton announced today.
“Strategic investments in mining, like in the MMDF, are key to a thriving provincial economy and placing Manitoba as a world leader for responsible mineral development. Our government is committed to continuing to responsibly build on Manitoba’s rich natural resources to attract new investment in the mining sector,” said Wharton. “The MMDF also enables us to foster strong partnerships with Indigenous communities in mineral development activities that benefit the economy and the province as a whole.”
The MMDF provides funding to communities and businesses including Indigenous groups, municipalities and not-for-profits to advance mineral exploration projects. Financial assistance from the fund can include one-time grants for activities that help advance new mining opportunities, and outreach to First Nations for collaborative resource development, the minister noted.
“Advancing mineral exploration projects is critical to creating lasting economic benefits to communities in northern Manitoba,” said Chuck Davidson, president and CEO, Manitoba Chambers of Commerce, and board chair of the Manitoba Mineral Development Fund. “The MMDF is excited to support exploration projects and to see future partnerships emerge from these projects.”
The projects approved in this latest round of funding support 55 North (Lynn Lake), Boreal Gold (Flin Flon), Alamos Gold (Lynn Lake), Foremost Lithium (Snow Lake) and Callinex Mines (Flin Flon).
In the fourth quarter of 2022, the MMDF’s application review committee and board of directors conditionally approved $1.7 million in project funding resulting in close to an $18.5-million investment to support mineral exploration activities, drill programs and consulting services for community engagement. The MMDF has approved 50 mineral exploration projects for a total of $7.7 million in funding in Manitoba since its inception in 2020, the minister said.
The Manitoba government has committed to annual investment in the MMDF of up to six percent of tax revenues from the Mining Tax Act, which are collected at a graduated rate on profit generated by mining businesses, the minister noted.
For more information on the Manitoba Mineral Development Fund, visit https://mmdf.ca/.
Photo by Nicolas J Leclercq on Unsplash