Investing.com -- Ontario Premier Doug Ford announced today a comprehensive plan aimed at bolstering the province's economy and making it a more competitive place to invest within the G7. The plan targets unlocking the vast potential of Ontario's economy, particularly its abundant reserves of critical minerals.
Ontario is home to tens of billions of dollars worth of untapped critical mineral reserves, including the Ring of Fire, considered the world's largest deposit of such minerals. These reserves have the potential to transform the province's economy, creating new opportunities for First Nations, northern communities, and all of Ontario. The province possesses every critical mineral necessary for the growth of advanced economies, positioning it as a potential global critical mineral superpower.
The plan aims to overcome the obstacles that have hindered the province's potential in the past, including bureaucratic red tape and delays. Currently, it takes up to 15 to 17 years to open a new mine in Ontario, a process riddled with paperwork duplication and delays that deter investment and job creation.
In response to these challenges, the province has introduced the "Protect Ontario by Unleashing Our Economy Act." This legislation aims to streamline Ontario's permitting system, cutting through red tape and delays to expedite construction and development projects. It will also establish new economic zones of significant importance to Ontario's economic success and security, including the Ring of Fire.
The act introduces a new "one project, one process" permitting model designed to reduce approvals for new mining projects by 50%. The new model will also change the approval process for housing, transit, infrastructure, and other projects, implementing a registration-first approach to permitting that expedites construction while maintaining strong environmental standards.
Ford stated his plan is not just about reducing red tape, but also about protecting the province's economy and making Ontario a competitive place to invest and do business within the G7. The goal is to make Ontario a place where big projects can be built and the province's enormous economic potential can be unleashed.