Québec provides financial assistance to C$1.3bn iron/vanadium project

Date: Aug 24, 2018

The government of Québec has announced C$185-million in financial assistance to privately-owned BlackRock Metals to support the construction of an openpit mine that will produce iron, vanadium and titanium near Chibougamau, in the Nord-du-Québec region.
This financial assistance will also support setting up a secondary processing plant in the Grande-Anse sector of the industrial port area of Saguenay, the government said in a media statement this week.

The project represents investments valued at nearly C$1.3-billion and will create more than 800 jobs during the construction of the mine and mill.

Some 200 jobs will also be created during the operation of the mine, while the operation of the processing plant will result in the creation of about 300 jobs.

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

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