Quebec government opens vault for mining project: Chibougamau iron, vanadium deposit attracts $248 million in provincial funding – by Staff (Northern Ontario Business – August 23, 2018)

The Quebec government is dropping a combined $248 million to assist a major mining project, processing plant and port improvements in the central part of the province.

The provincial government is providing $185 million in financial assistance to BlackRock Metals of Montreal to support the development of an open-pit mine of iron, vanadium and titanium near Chibougamau in the Nord-du-Québec region.

The funding is earmarked toward setting up a secondary processing plant in the Grande-Anse section of the industrial port area of Saguenay.

BlackRock’s nearly $1.3-billion project will create more than 800 jobs during construction of the mine and a mill. The mine operation will employ 200 with the processing plant putting 300 to work.

A breakdown of the provincial funding is an $85-million equity investment from the Capital Mines Hydrocarbures Fund, a $1-billion fund that gives the government an equity stake in companies that mine and process minerals in the province; a $50-million loan from Investissement Québec, and another $50-million loan granted by Ressources Québec.

For the rest of this article:

Comments are closed.