Quebec has announced C$185m ($141.83m) in financial assistance to help BlackRock Metals move ahead with its C$1.3bn ($996.6m) iron, vanadium and titanium mining project near Chibougamau in the northern part of the Canadian state.
Image: Titanium sealing stamps. Photo courtesy of melvil/Wikipedia.
The financial support from the Government of Quebec will also cover setting up of a secondary processing plant to be located in the Grande Anse sector of the Saguenay industrial port zone.
The permitted mining project is located next to VanadiumCorp’s 100% owned Lac Dore Vanadium Project.
Overall, the BlackRock Metals’ mining project is expected to generate over 800 jobs during the construction of the mine and the processing plant. While 200 more jobs will be created for the operations of the open pit mine, the operation of the processing plant will open up nearly 300 jobs.
Quebec Deputy Premier Dominique Anglade said: “Our Government is proud to promote the success of this major BlackRock Metals investment project, which will enhance the mining potential of the Nord-du-Québec region and strengthen Québec’s expertise in second-stage ore processing in the Saguenay-Lac-Saint-Jean region.
“Today, we are taking a concrete step to ensure the development of energy infrastructures in the Grande Anse sector, in order to stimulate the realization of projects that, like this one, have significant spin-offs in the Saguenay industrial port zone and throughout Quebec.”
The Quebec government’s financial support will feature an equity investment of C$85m ($65.16m) in the capital of BlackRock Metals through the Capital Mines Hydrocarbures fund. It will also include a C$50m ($38.33m) loan from Investissement Québec and C$50m ($38.33m) loan from Ressources Québec.
Additionally, the government is also offering C$63m ($48.3m) in financial assistance to Développements Port Saguenay to ensure the implementation of the energy infrastructure required for for the implementation of BlackRock Metals’ project.
Quebec Energy and Natural Resources Minister Pierre Moreau said: “Our government is pleased to support, through the Capital Mines Hydrocarbures fund, projects such as that of BlackRock Metals, which contribute to the development of Québec’s mining sector. Such projects will, I am sure, help ensure the success of Plan Nord, which will showcase the full potential of our northern territory.”