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MONTREAL – A year ago, over a lunch of oysters and fine wine at a posh downtown restaurant, Baljit Chadha held himself out as the potential saviour of Quebec’s faltering asbestos industry. This week, he plans to deliver.
Days before a provincial government deadline this Saturday to find private funding for the Mine Jeffrey in Asbestos, Que., the wealthy and well-connected Montreal businessman says he has “letters of intent” from unnamed investors in three different countries – enough to breathe new life into an export trade critics decry for causing death.
“I have done a lot of soul-searching on this and have come to a conclusion that we are not exporting death,” said Mr. Chadha, who combines an almost evangelical fervour for asbestos with the clout needed to pull off his controversial plan.
Mr. Chadha, whose company already handled much of the mine’s asbestos sales to his native India, offered to buy the mine outright in August of 2010, for “tens of millions.” But to clinch the deal, he had to secure an additional $25-million from outside investors while the Quebec government kept the mine afloat with a $58-million loan guarantee.
“Yes we have the $25-million,” he told The Globe and Mail.