Ontario cuts mining permit timelines by 50%: minister

Let's talk about the announcement that your government made with respect to updating the critical minerals strategy. Making that pivot from minerals that were more focused on EVs to now, I guess defense, aerospace. Let's talk about that pivot. You know, look, the world does fundamentally change. Our economic needs and security reality has changed and so has the upending of geopolitics. And so given the shift of supply chains and the desire for Canadians to build more, process more, extract more here at home, we're launching a new plan that really is fundamentally predicated on the belief that we in this country have what the world needs. We are the most reliable, ethical, stable democracy that can source the rare earths and critical minerals for foreign markets, for emerging markets and certainly for industrialized economies in the US in Europe, Asia Pacific and beyond. If you're a business though, I mean, that's ripe with volatility because now you're making the pivot. Demand is softer EVs, now you're pivoting to something else. You know, we're providing a road map and I think much of it is based on where the puck is going in this country. We're increasing military spending. We have a desire to see more domestic manufacturing and advanced construction happening in the province of Ontario and country. We are the manufacturing base. And so by pointing to and enlisting that type of focus, I think what we're signaling is an element of flexibility. We are still maintaining our leadership on EV supply chains from start to finish, but we're broadening it with the realization that the economy is changing and mineral supplies are changing. Look at the demand for nickel and so many others, critical resources and critical minerals that are required now for a variety of applications. There is an over concentration the Chinese market. So this creates a new opportunity for Ontario to onshore investment, to expand supply chain and frankly to create incentives for investors. Because we have a new permitting authority that cuts through the noise, reduces the permit timelines by 50% faster than the EU and faster than the OECD average. Let's talk about that build out. Let's talk about that regulatory process and mines that are currently in existence. How do you I guess reconcile with companies that are extracting, exporting, how are you encouraging incentivizing mining to remain here, continue here and continue that supply chain ecosystem here? It's so important because we're all in the critical mineral race and we're fighting for investment and for jobs. So I think three big things have changed just in the past year. The first is we have slashed permanent timelines by 50% on average. We've established a new One Project, One Process vision where we will use a concierge service, move your permit across the enterprise of government. No longer does a project proponent, an investor have to go one by one to each of the multi ministries for approval. We do concurrent approvals. We deliver certainty within that two year benchmark. The second element is we now have a processing fund. Before we didn't have financing to incent businesses to invest more and to process and fabricate more in the province of Ontario. And so we now have stood up a $500 million critical mineral processing fund. One aim to secure more of that type value added investment back home. Because as you know we send a lot of our raw materials into foreign markets in the US Europe and beyond and we think that's simply unacceptable given the rupture that's taken hold in the world. Third element that I think is really important is your political will to build the infrastructure. Just yesterday we announced a plan after a generation of politicians and policymakers talking about the ring of Fire. We're building a transmission, we're building the roads as announced yesterday five years ahead of schedule. Minister, forgive me a costly plan. Well I mean there's a cost of in action $22 billion of upside. If we build a road into the most largest undiscovered multi commodity region on earth. There's only value added for the country so much so the federal government has signed on with this general vision of acceleration. They cut three years off the permit timelines because they agree with Ontario. The cost of inaction, the $22 billion of investment that is foregone if we don't unlock the ring of fire. 70,000 net new good paying unionized jobs. This is a no brainer for Canada. So we are building the five years ahead of schedule. We're starting construction this spring and that's going to help us really build confidence that we're building transmission, we're building roads, we're building enabling infrastructure, we're building a new culture in Ontario to get to yes, as the world's reliable investor and partner. Just lastly, how aligned are you, your government, your strategy with the federal government? The federal government strategy. The Prime Minister speaking all around the world talking about Canada has what the world needs. Minister Hodgson speaking at PDAC talking about Canada has the critical minerals that we need. How closely aligned are you with the federal government? How closely do you work in conjunction with your partners? You know we have been in close. We've built a really strong working relationship in December, we were able to get the federal government to agree to lift their duplicative assessment on the EA to the ring of fire. That shaved off two to three years there alone. So there is alignment, I think, on policy and on intent. We want to fight for the country, create more jobs in the province and nation, and create a competitive advantage, which is why we're building the infrastructure, cutting the red tape, reducing the permit timelines, giving every incentive, every signal to the world that we are open for business. We have what you need. And in a world that is sort of defined by unstable relationships and upended alliances, we are that sort of continuous, dependable friend and that island of stability in a sea of turmoil. And I think that is a competitive advantage. And the Fed's and the province are united on that mission.