WINNIPEG, MAN. – The province of Manitoba has announced a new mineral development fund to kick start mineral and economic development initiatives in the north and throughout the rest of the province.
Manitoba will put $20 million into establishing the Manitoba Mineral Development Fund (MMDF), which will be administered by the Manitoba Chambers of Commerce (MCC). The Mining Tax Act will add an additional annual infusion of up to six per cent of revenues.
“The Manitoba Mineral Development Fund (MMDF) will help our province capitalize on the incredible mineral potential and opportunities that exist in the north and across Manitoba,” said Pedersen. “It will play a key role in advancing new initiatives that will benefit our economy and local communities alike, with a partnership-based approach to help grow and diversify our northern economy together with Indigenous communities,” Manitoba growth, enterprise and trade minister Blaine Pedersen said.
“We’re pleased the MCC has agreed to take on this important role in supporting and attracting new investment to Manitoba and the north. MCC has a strong and established network that is well-positioned to work collaboratively and respond to the needs of local communities and industry,” he added.
“MCC appreciates the provincial government’s investment and confidence that has been placed in our organization to deliver the MMDF program. We recognize the challenge and the opportunity that exists when it comes to northern economic development and we are confident this fund can play a role in supporting new and exciting initiatives,” MCC president and CEO Chuck Davidson said.
Communities and businesses, including Indigenous groups, municipalities and the not-for-profit sector, will be eligible to apply for funding. Financial assistance could include one-time grants for activities to advance new mining opportunities and First Nations outreach to foster collaborative resource development.
MCC will have final decision-making authority over which projects will be supported and will report annually to the province on the fund activities and the results generated. The new fund replaces the Mining Community Reserve Fund.