From One Canadian Economy Act to One Project, One Assessment: Unlocking Canada’s Critical Minerals Potential

By Zubair Choudhry, RPA, APA, FCMA (ANZ)
Publisher, Professional Accountant Magazine

Ontario Premier Doug Ford and Prime Minister Mark Carney have taken a decisive step toward accelerating Canada’s nation-building infrastructure by signing an agreement to streamline environmental assessments for major projects — most notably the long-awaited all-season road to Ontario’s Ring of Fire.

The agreement advances a principle increasingly central to Canada’s economic policy direction: “one project, one assessment.” Much like the vision behind a One Canadian Economy Act aimed at reducing internal barriers and improving national competitiveness, this approach seeks to eliminate regulatory duplication, shorten approval timelines, and restore investor confidence in Canada’s ability to deliver complex, capital-intensive projects.

“I want to thank Prime Minister Carney for his leadership in speeding up major projects that will create good-paying jobs and help unlock the enormous economic opportunity of the Ring of Fire,” Premier Ford stated.

The Ring of Fire is among Canada’s most strategically important mineral regions, containing significant deposits of nickel, chromite, copper, and other critical minerals essential to electrification, advanced manufacturing, and energy security. Despite long-standing alignment on its importance, progress remained stalled for years due to overlapping assessments and prolonged approval processes that undermined project viability and capital attraction.

Under the new federal-provincial agreement, the Impact Assessment Agency of Canada has committed to completing its review of the Ring of Fire Road project by June 2026, relying primarily on Ontario’s environmental assessment process. This marks a clear departure from previous approaches that often delayed projects through additional studies and procedural complexity.

Since forming government earlier this year, Prime Minister Carney has signalled a shift toward faster execution and clearer jurisdictional alignment. “Our agreement with Ontario will build major projects faster, helping to diversify our trade partners, strengthen our industries, and empower more Canadians with high-paying careers,” he said.

Capital Markets, Policy Alignment, and the Role of RPA Canada

For professional accountants advising mining companies, infrastructure developers, and SMEs, the move toward one project, one assessment materially reduces regulatory risk — one of the greatest barriers to project financing, particularly for junior and mid-tier mining companies.

In this context, RPA Canada recently provided comprehensive feedback to the Honourable Sam Oosterhoff, MPP, Ontario’s Associate Minister of Energy-Intensive Industries, on capital market enhancement. The submission emphasized the importance of diversified financing mechanisms, streamlined permitting, public-private partnerships, and ESG-aligned capital structures to improve project bankability and attract long-term domestic and global investment.

RPA Canada highlighted that regulatory clarity must be paired with modern capital market tools such as royalty and streaming agreements, private equity participation, and offtake-linked financing to unlock investment across Canada’s critical minerals and energy-related projects.

The Expanding Role of the Accounting Profession

Accountants play a central role in de-risking large-scale projects through transparent financial reporting, ESG disclosure, cost controls, and risk management. Specialized expertise in mining and natural resources — ranging from mining-specific accounting standards to sustainability reporting and commodity price volatility — is now essential to investor confidence.

A National Opportunity

The transition from a One Canadian Economy mindset to One Project, One Assessment reflects a broader shift toward execution-focused policy. If sustained, this approach can unlock Canada’s critical minerals potential, strengthen domestic supply chains, and position Canada as a globally competitive destination for investment.

For accountants and business leaders alike, this moment presents an opportunity to align policy, capital markets, and professional expertise in building a stronger, more resilient Canadian economy.