New agreement strengthens transatlantic cooperation and unlocks new investment opportunities
LONDON, UNITED KINGDOM – Today Ontario’s Minister of Energy and Mines, Stephen Lecce and the United Kingdom’s (UK) Parliamentary Under-Secretary of State and Minister of Industry, Chris McDonald signed a Statement of Intent (SOI) that will see both jurisdictions working together to build secure, resilient and integrated critical mineral supply chains.
With the global race for critical minerals reshaping economies and redefining geopolitical partnerships, from defence systems to advanced manufacturing to energy infrastructure, access to critical minerals has become essential to economic and national security. With China’s monopoly over global critical minerals producing about 60 per cent of raw ore and controlling up to 90 per cent of refining capacity for rare earths, lithium and cobalt, it is critical for Ontario to work with trusted partners to reduce dependence on unreliable foreign sources and build resilient supply chains. Through this agreement, Ontario and the United Kingdom are strengthening cooperation to secure the resources that will power the industries, jobs and economic growth of the future.
“In a world where economic security is national security, trusted allies must work together to secure the minerals that power our economies, strengthen defence capabilities, and support the jobs of the future,” said Stephen Lecce, Minister of Energy and Mines. “Ontario is home to the resources, talent, and world-class mining expertise global allies are looking for. This agreement solidifies Ontario’s commitment to building secure supply chains that create jobs, attract investment, and reduce reliance on unstable and adversarial foreign regimes. Together with the United Kingdom, we are laying the foundation for a new era of allied economic cooperation that will deliver prosperity and security on both sides of the Atlantic.”
Through this new agreement, Ontario and the United Kingdom will work collaboratively to:
- Create Investment Opportunities: Coordinating engagement between the public, private financial and academic spheres to support new strategic investments in Ontario’s critical minerals sector.
- Advance Research and Innovation: Enhance collaboration on research, development, geoscience data and innovation to support technological progress across the critical minerals value chain.
- Develop Resilient Supply Chains: Work together to develop diversified, responsible and sustainable transatlantic supply chains for critical minerals.
Building on actions to streamline approvals, Ontario will continue to improve investment certainty through initiatives such as the Critical Minerals Processing Fund (CMPF) and launching the ‘One Project, One Process’ (1P1P) framework. Ontario is also advancing economic reconciliation and shared prosperity with Indigenous communities by supporting strong partnerships.
Ontario is now ranked the second-most attractive mining investment jurisdiction in the world and the top-ranked jurisdiction in Canada. These reforms are helping position Ontario as a global leader in the responsible production and processing of critical minerals.
“We need critical minerals for the phones we use to the cars we drive, and this new partnership with Ontario shows our commitment to building resilient supply chains with allies as demand for these vital minerals continues to rise,” said Chris McDonald, Minister of Industry. “Through our Critical Minerals Strategy, we’re leveraging Britain’s mineral wealth, attracting new investment and forming dynamic relationships with partners across the world to boost our economic security.”
Ontario is home to significant deposits of nickel, lithium, cobalt, graphite, copper and rare earth elements, which are essential inputs for batteries, electric vehicles, advanced manufacturing, defence technologies and modern energy systems. This international collaboration demonstrates tangible progress on Ontario’s Critical Minerals Strategy and the government’s plan to unleash the province’s economic potential. Ontario has streamlined permitting times, invested in mineral processing and fostered innovation in such a way that has made the province an attractive partner within the critical mineral industry.
Quick Facts
- Ontario has taken significant steps to become a more competitive jurisdiction, including investing in the Critical Minerals Processing Fund (CMPF) and launching the ‘One Project, One Process’ (1P1P) framework to improve the permitting process for designated advanced exploration and mine development projects in the province.
- Ontario’s mining and mineral products sector is a significant economic driver, contributing approximately $23.8 billion to Ontario’s GDP in 2023. Currently, mining, mineral processing and mining supply and services supports around 74,000 jobs in Ontario.