The province has announced $4.3 million dollars in funding to help attract more private investment in critical mineral exploration.
It’s part of the provincial government’s Critical Mineral Plan announced this morning by Industry Minister Andrew Parsons at the Mineral Resources Review at the Delta in St. John’s.
The funding includes $3 million dollars for the development of innovative techniques in geoscience, using AI and remote sensing technologies to help with the collection, processing and availability of public geoscience data, and $1.3 million to support projects under the province’s Junior Exploration Assistance Program.
The aim is to help eliminate risk and attract more private investment in critical mineral exploration.
Critical minerals, like copper, aluminum, manganese, and rare earth elements like helium, lithium and cobalt are all used in a variety of new technologies to help move away from fossil fuels.