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VanadiumCorp applauds the Government of Québec $248 million investment in the BlackRock Metals project and the development of the Grande-Anse Sector
VanadiumCorp applauds the Government of Québec $248 million investment in the BlackRo...
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[{"type":"text","content":"\n\n\n\nVanadiumCorp applauds the Government of Québec $248 million investment in the BlackRock Metals project and the development of the Grande-Anse Sector\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Aug. 22, 2018\n\n\n\nVANCOUVER, Aug. 22, 2018 /CNW/ - VanadiumCorp Resource Inc. (TSX \"VRB\") (the \"Company\") applauds the announcement made yesterday in Saguenay, Quebec, Canada outlining investment in the Blackrock Metals project. VanadiumCorp owns 100% of the Lac Dore Vanadium Project adjacent to Blackrock Metals permitted mining project near Chibougamau, Quebec, Canada.\n\n\n \n \n\n \nNews release below from the Office of the Deputy Prime Minister, Minister of the Economy, Science and Innovation and Minister responsible for the Digital Agenda:\n\nThe Government of Québec is providing a total of $185 million in financial assistance to BlackRock Metals to support the construction of an open pit mine of iron, vanadium and titanium near Chibougamau, in the Nord-du-Québec region. This financial assistance 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 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.\n\nThe above government financial support includes an equity investment, through Capital Mines Hydrocarbures, of $85 million in the capital of BlackRock Metals, a $50 million loan from Investissement Québec, acting as agent for the government, as well as a $50 million loan granted by Ressources Québec from its own funds.\n\nIn addition, the government is providing $63 million in financial assistance to Port Saguenay Developments, a subsidiary of the Saguenay Port Authority, to ensure the implementation of the energy infrastructure necessary for the implementati...