THE MANITOBA MINERAL DEVELOPMENT FUND
W ith critical mineral exploration being a key priority for both the federal and provincial governments, an initiative led by the Manitoba Chambers of Commerce is showing positive results and that Manitoba could result in an abundance of mines on the horizon in the province. The Manitoba Chambers of Commerce (MCC) is midway through a three-year agreement with the Government of Manitoba to deliver the Manitoba Mineral Development Fund (MMDF). The aim is to support strategic projects that contribute to increased mineral exploration and development, including projects that increase Indigenous participation and sustainable economic growth in Manitoba’s mineral supply chain. “Since the $20-milllion program launched in July 2020, the fund has approved more than $9.8 million towards a range of mining and economic development projects across Manitoba, authorized 60 projects, created 283 short-term jobs, 152 long-term jobs, 152 partnerships and leveraged investments of more than $61 million,” says MCC president and CEO Chuck Davidson, who also chairs MMDF. “Sixty-five per cent of the Manitoba Mineral Development Fund has gone to help mining exploration companies undertake geological mapping, geophysical surveys and diamond drilling, all of which were critical to identifying and quantifying mineral resources” says MMDF program manager Edward Suzuki. “Many of these companies are listed on the Toronto Stock Exchange, which provides an efficient avenue to raise equity while providing investors MMDF: OPTIMISTIC ABOUT MINERAL EXPLORATION
and a proven track record in the mining industry. The location of the project is also crucial and working with politically stable jurisdictions with supportive regulatory environments and robust infrastructure are preferable. The exploration project's mineral potential, including size, grade and estimated value of the mineral deposit, are considered. Finally, the mining company's financial health, funding history and market conditions are assessed.” The outlook for the Manitoba Mineral Development Fund remains positive and is targeted to support new mineral exploration and development projects. These will stimulate economic growth and create employment opportunities. Manitoba's mineral sector contributes significantly to the province's economic growth, and the Manitoba Mineral Development Fund is a key component. ■ For more information about MMDF, including intake dates, visit MMDF.ca.
with a regulated market for venture investments.” Suzuki added that the MMDF provides funding for several prominent mineral exploration and development companies in Manitoba. Alamos Gold, a Canadian intermediate gold producer, is constructing the Lynn Lake gold mine in Manitoba. The project is currently in the advanced exploration stage, and further drilling and studies are underway to delineate reserves and resources. The estimated capital cost of the project is $500 million, with an additional $87 million to sustain the project over its lifespan. In addition, Callinex Mines is focusing on identifying high-quality base and precious metal deposits in the Flin Flon area. Its flagship project, the Pine Bay Project, has shown potential for high-grade zinc, copper and gold mineralization. Callinex Mines works with local communities and stakeholders to minimize environmental impact and maximize social and economic benefits. New Age Metals is focusing on the discovery of deposits rich in palladium, platinum, gold and other strategic metals. Their Summer Field Program defines drill targets to establish an economically exploitable lithium deposit close to Tanco Mine, a rare-metal mine in the Bird River area in southeast Manitoba. It is known for its production of tantalum, lithium, cesium and spodumene, which are important for the electronics and energy industries. “Companies are leveraging the MMDF to encourage investment in mineral exploration,” adds Suzuki. “The fund focuses on management teams with extensive experience
STATISTICS
$9.8
million towards a range of mining and economic development projects across Manitoba projects authorized
60 283 152 152 $61
short-term jobs
long-term jobs
partnerships
million leveraged investments
44
WINTER 2023
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