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Quebec provides funds for BlackRock mine project

DCN News Services
Quebec provides funds for BlackRock mine project

QUEBEC CITY — The Government of Quebec has announced financial assistance of $185 million to support the construction of an open pit mine of iron, vanadium and titanium near Chibougamau, in northern Quebec.

The support includes an equity investment, through Capital Mines Hydrocarbures, of $85 million in the capital of BlackRock Metals, a $50-million loan from Investissement Quebec, acting as agent for the government, and a $50-million loan granted by Ressources Quebec from its own funds, said a recent release.

The financing is also aimed at setting up a secondary processing plant in the Grande-Anse sector of the industrial port area of Saguenay. The project represents investments valued at nearly $1.3 billion and will create more than 800 jobs during construction of the mine and mill.

In addition, the statement noted, the government is providing $63 million in financial assistance to Port Saguenay Developments, a subsidiary of the Saguenay Port Authority, to support the development of energy infrastructure at the BlackRock Metals mine.

“The establishment of energy infrastructure in the Grande-Anse sector and the completion of the BlackRock Metals investment project will, I am convinced, contribute to the success of the industrial-port zone set up in Saguenay within the framework of the Maritime Strategy,” said Jean D’Amour, minister responsible for maritime affairs and minister responsible for the Bas-Saint-Laurent region, in the statement.

“I also invite other companies to take advantage of this industrial-port area to realize projects that will improve their competitiveness and contribute to the growth of the local and regional economy.”

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