The provincial government is adding $250 million in investment to increasing the production of medical isotopes at Bruce Power.
Finance Minister Peter Bethlenfalvy made an appearance at the Bruce Power site on Friday.
“As part of our plan to protect Ontario, our government is working to unleash our economy, and make us the most competitive place in the G7. To invest, to create jobs, and to do business,” said Bethlenfalvy during a the announcement.
He was joined by Minster of Energy and Mines Stephen Lecce, Huron-Bruce MPP Lisa Thompson, and Bruce Power Chief Operating Officer and Executive Vice President James Scongack, and President and CEO of Bruce Power Eric Chassard.
The investment ensures Bruce Power can expand its production of medical isotopes Cobalt-60 and Lutetium-177, which is part of Ontario’s plan to double medical isotope production by 2030.
The expansion is a focus of the Gamzook’aamin aakoziwin partnership with Saugeen Ojibway Nation, and translates to “we are fighting the sickness together,” as shared by Jennifer Keeshig-Martin, the Acting Chief of the Chippewas of Nawash Unceded First Nation, during her remarks on Friday.
Cobalt-60 is used globally to sterilize surgical instruments, pharmaceuticals, implants and certain food products. Medical-grade high specific-activity cobalt-60 is used to treat brain tumours and breast cancer.
Lutetium-177 is used in precision oncology to treat neuroendocrine tumours, prostate cancer and other emerging indications. Bruce Power began production in 2022 using a first-of-a-kind Isotope Production System developed with Isogen.
“I know for too many of you, like it is for my own family that cancer is… sort of the darkness that we have had to face, with my own mother, many years ago… and with my father today with prostate cancer,” said Lecce during his remarks.
He also referred to what another attendee had said about rural Ontario “punching above its weight.”
He added to the sentiment, and said “Rural Ontario is punching above its weight. Bruce County produces 30 percent of the electricity for the province of Ontario. Rural Ontario matters.”
The $250 million investment comes through the Indigenous Opportunities Financing Program, and administered through the Building Ontario Fund.
The provincial guarantee is the largest of its kind since the Indigenous loan guarantee program began in 2009.
Added Bethlenfalvy, “[Today’s] announcement is a clear signal of how Ontario will continue using innovative financing tools to unlock opportunity, attract investment, and build share prosperity.”