Canada New Funding for Mining Equipment

The Canadian government announced that the 2022 budget would feature up to $3.8 billion in funding to support mining efforts in Canada over the next eight years. Canada has developed its first critical mineral strategy, aiming to improve the yield of the metals and minerals necessary to reach Net-Zero emissions by 2050. 

The plan includes significant funding for geoscience and exploration programs, with an additional $1.5 billion to be set aside for investment in new infrastructure. Funds will support research and development, attracting and strengthening global supply chains, improving the regulatory process, and engaging Indigenous peoples. 

Through the government’s Strategic Innovation Fund, it hopes to position the Canadian mining market as an attractive destination for trade and investment. Over the coming years, the Canadian industry will likely experience significant growth through this increased funding. As such, there may be a surge of demand for new efficient and innovative equipment necessary to meet many of the plan’s ambitious objectives. 

Funding will aim to offset some of the costs of mining critical minerals such as nickel, lithium, cobalt, and copper. There is likely to be demand for the equipment used in material extraction, handling, and processing. The Canadian industry will require heavy mining equipment such as draglines, trucks, shovels, and processing tools like crushers, grinders, mixers, and feed equipment. 

Through trade with  Canada, the U.S mining industry can play a pivotal role in the next generation of critical minerals. The mining sector’s ability to extract and process these vital minerals will dictate the future of zero-emission vehicles and the batteries that will power them. Exports of state-of-the-art U.S.-made manufacturing, processing, and recycling technologies to Canada can help shape the future of the mining and energy industries. 

For information about connecting you with the Canadian mining industry and how the U.S. Commercial Service assists U.S. exporters; visit www.trade.gov/canada or contact: Commercial Specialist Connie Haider