There is considerable resource potential for chromite and rare earth element production in Canada.

Chromite deposits located in Ontario’s Ring of Fire have production potential that could make Canada a significant global producer, processor and supplier of products that contain the critical metal chromium. Over 90 per cent of global chromite production is used to manufacture stainless steel and other alloys. There is no substitute for this mineral in the production of stainless steel, which has unique corrosion resistance properties. Chromium-based alloys are also used in gas turbines, aircraft engines and other high temperature applications. There are currently six chromite projects at the exploration phase in Canada, which are estimated to have about 105 million tons of chromite. Global demand for stainless steel is forecast to grow at 4-5 per cent annually to 2020. Although major steel mills exist in North America, there is currently no chromite production in North America. This presents an opportunity for Canada to develop its abundant deposits and become a global supplier. To date, the Government has invested more than $35 million towards the development of the Ring of Fire, including Aboriginal capacity building, support to small business and skills development and training.

Rare earth elements are critical minerals that represent an opportunity for Canada to enter an emerging and globally strategic market. The metallurgy for Canadian ores containing rare earth elements involves a complex sequence of individual separation, refinement, alloying and formation stages before they can be used in the production of permanent magnets, consumer electronics and other high value-added high-tech products. Canada does not currently produce any rare earth elements, but has deposits with significant potential. According to the Technology Metal Research Group, there are currently 51 advanced rare earth elements exploration projects in the world; 21 are located across Canada. Canada has the possibility to play a leading role in supplying rare earth elements by potentially fulfilling 20 per cent of global demand.