THE PAS—The Manitoba government has established a new fund that will help to jump-start mineral and economic development initiatives in the north and throughout the province, Growth, Enterprise and Trade Minister Blaine Pedersen announced here today.

“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.”

Pedersen noted the fund will be administered by the Manitoba Chambers of Commerce (MCC).  Manitoba is providing $20 million to establish the fund, with an additional annual infusion of up to six per cent of revenues to be provided under The Mining Tax Act.

“We’re pleased the MCC has agreed to take on this important role in supporting and attracting new investment to Manitoba and the north,” said Pedersen.  “MCC has a strong and established network that is well-positioned to work collaboratively and respond to the needs of local communities and industry.”

“MCC appreciates the provincial government’s investment and confidence that has been placed in our organization to deliver the MMDF program,” said Chuck Davidson, president and CEO, MCC.  “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.”

Under the new agreement, communities and businesses, including Indigenous groups, municipalities and the not-for-profit sector, will be eligible to apply for funding.  Financial assistance from the fund could include one-time grants for activities that help advance new mining opportunities and outreach to First Nations for collaborative resource development, the minister noted.

“This is a clear signal to mineral exploration companies and investors that Manitoba is engaged and motivated to attract mining investment to the province,” said Shastri Ramnath, president and CEO of Exiro Minerals Corp., and chair of the Manitoba Liaison Committee on Mining and Exploration.  “The geological potential of Manitoba is unmatched and exploration is the only way to find the next new mine.  We look forward to working with the MCC to ensure the fund supports responsible mineral exploration and mining and reconciliation with Indigenous communities.”

MCC will have final decision-making authority over which projects will be supported, and will report annually to the province about the fund’s activities, results and financial health, the minister said.  The new fund replaces the Mining Community Reserve Fund and its outdated framework, which did not prioritize economic development, he added.

Pedersen noted the new MMDF aligns with Manitoba’s new economic development framework, including the priorities of the Look North report and the Action Plan for Manitoba’s Northern Economy.

The Look North report identifies mineral development as a key opportunity for the long-term economic prosperity of the province.  Conversations with northern communities as part of the Look North initiative have confirmed that mineral development continues to be a top priority in the region.  The Look North report also highlights the importance of building stronger partnerships in the north to advance economic growth and development.

More information on the Look North initiative is available at www.gov.mb.ca/looknorth/index.html.

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