Sault Ste. Marie Mayor Christian Provenzano harbours no worries that the CCAA process with Essar Steel Algoma will jeopardize his city’s pursuit of a ferrochrome plant.
Sault councillors were given a briefing by city and economic development staff on Nov. 20 on their preparations to provide Ring of Fire developer Noront Resources with a compelling case to select the northeastern Ontario community as the host site for a chromite processing facility.
The Sault, Sudbury, Thunder Bay and Timmins are the four cities in the running as part of a competitive process staged by Noront. In early November, the Toronto mining company sent out the formal request for information documents for each city to make their best pitch. The proposal deadline is Feb. 2.
“When we look at the document that the EDC (Economic Development Corp.) and the city received, we can provide all the information that they’re looking for without being hampered by the CCAA (Companies’ Creditors Arrangement Act) process,” Provenzano told councillors.
Essar Steel Algoma entered creditor protection in November 2015. Based on his knowledge of the proceedings, Provenzano expressed confidence that the CCAA process will finish in early 2018. He assured council there’s been a positive and supportive stream of dialogue with executives at Essar Steel Algoma and CCAA lenders.
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