In the past year, the Manitoba Chambers of Commerce (MCC) entered into a new three-year agreement with the Province of Manitoba. In 2022, the aim of the Manitoba Mineral Development Fund (MMDF) was to focus on mineral exploration and the mining industry. In 2022, MMDF approved $4,183,450 in project funding, mobilizing a range of mining and economic development projects primarily in northern Manitoba. In terms of impact, this investment resulted in 77 new short-term jobs, 52 long-term jobs,24 project partnerships, and over $31 million in leveraged project funding. The Snow Lake Area ($1.4M), Flin Flon Area ($950K), and Lynn Lake ($600K) received most of the project funding.
About 74 per cent of the fund went to helping mining companies undertake geological mapping, geophysical surveys, and diamond drilling, all of which were critical to identifying and quantifying mineral resources in Manitoba.
With this momentum, MMDF took the opportunity to implement several initiatives to grow the Fund’s capabilities. This included participating in the Annual Prospectors and Developers Association Convention (PDAC) in Toronto to promote the Manitoba Mineral Development Fund globally and solidify the relationships with the Manitoba-based companies at PDAC.
To leverage the Fund’s impact, MMDF partnered with the Government of Canada’s Strategic Partnership Initiative (SPI) Program. This aimed at increasing economic benefits to Indigenous communities related to mining activity in Manitoba. The SPI provides a way for federal partners to coordinate their efforts, reduce administrative burden and pool resources in support of Indigenous communities. Joint projects are being focused on workforce development, capacity building and business development.
In terms of the Fund itself, in 2022 the Fund grew with contributions from the Province of Manitoba and investment income. The fund balance at the end of 2022 was $ 17,354,854.
On behalf of the MMDF Board, we would like to thank the Application Review Committee for their knowledge and commitment to ensuring the projects we invest in have the potential to benefit communities in the north. We continue to look forward to assisting the Province of Manitoba in supporting Indigenous communities, the mining industry, municipalities, and northern businesses to grow Manitoba’s northern economy in 2023.