Canadian Government Invests $40 Million to Support Innovation Advancements in Mining Sector

Last week, Canadian Minister of Innovation, Science and Industry, the Honorable François-Philippe Champagne, announced that a $40 million investment would be made to the Centre for Excellence in Mining Innovation Inc. to help boost the mining sector, which is a crucial part of Canada’s economy. The investment is being made via the Strategic Innovation Fund, which has been designed to support and attract high-quality business investments across all the economy’s sectors.

The investment would support the establishment of the Mining Innovation Commercialization Accelerator Network in the country’s mining sector.

Canada is rich in critical minerals, which are crucial to the manufacturing of clean technologies, from batteries of electric cars to solar panels. Critical minerals are also utilized in the telecommunications, health care and aerospace sectors. As demand for these minerals increases, this investment would enable the country’s mining sector to deliver the minerals more efficiently and quickly, which would in turn speed up the global transition toward net-zero and position the country as a key player in the international market for net-zero technologies.

The network’s purpose would be to bring together stakeholders from various fields in an attempt to speed up the development and commercialization of innovative technologies that would make the mining sector more sustainable and productive.

The network, dubbed MICA, would operate across the country through the following partners: the College of the North Atlantic, Le Groupe MISA, MaRS, Saskatchewan Polytechnic, InnoTech Alberta, and the Bradshaw Research Initiative for Minerals and Mining.

The organization has been designed to increase the export and domestic sales of innovators in Canada, strengthen the country’s mineral supply chain, and improve the mining sector’s environmental performance and productivity as well as modernize the sector. MICA is expected to decrease the time it takes for new mineral deposits to reach the production stage, and to extend the operational lives of the mines in existence by advancing the development and commercialization of innovative, clean and autonomous technologies in the mining sector.

In addition to this, MICA, which will be based in Sudbury, Ontario, is also expected to support the commercialization of no less than 30 new processes, services or products as well as the creation of more than 10 new businesses and employment of roughly 900 people.

The initiative will also help mobilize investments of more than $100 million from the country’s private sector and extend its membership to nearly 400 organizations and businesses in Canada. This is in addition to supporting the government’s objective of making the country a leading producer of zero-emission technologies and products.

The investment made by the federal government of Canada is likely to create an even more supportive environment for mining companies such as Excellon Resources Inc. (TSX: EXN) (NYSE American: EXN) (FSE: E4X2); ultimately, the country will be the beneficiary of such support.

NOTE TO INVESTORS: The latest news and updates relating to Excellon Resources Inc. (TSX: EXN) (NYSE American: EXN) (FSE: E4X2) are available in the company’s newsroom at  https://ibn.fm/EXN

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