The Provincial Government has completed the details of its $17 million refundable contribution to Canada Fluorspar for the reactivation of fluorspar mine in St. Lawrence, Newfoundland. During the construction phase, about 370 jobs will be created, and once the production commences about 175 full-time positions will be created at the facility.
The Honourable Keith Hutchings, Minister of Innovation, Business and Rural Development and Lindsay Gorrill, President and CEO of Canada Fluorspar sign the agreement as the Honourable Darin King, Minister of Fisheries and Aquaculture and MHA for Grand Bank, and company officials look on.
Darin King, Minister of Fisheries and Aquaculture and MHA for Grand Bank and Keith Hutchings, Minister of Innovation, Business and Rural Development joined Lindsay Gorrill, CEO and President of Canada Fluorspar and Richard Carl, Executive Chairman for the signing ceremony. The refundable contribution will aid in building a deep-water port facility, which will allow Canada Fluorspar to ship the acid-grade fluorspar efficiently.
Minister Hutchings commented that the completion of the agreement details pertaining to the reactivation of the fluorspar mine reiterates the commitment of the Provincial Government towards the Burin Peninsula residents. Their collaboration with Canada Fluorspar will prove beneficial throughout the province and this project will generate excellent business, financial and employment opportunities. This is a well-capitalized project, which involves global partners. Commercial production of the mine will bring new investment opportunities to the province and promote future mineral exploration, providing considerable economical benefits for the entire Burin Peninsula.
Back in August 2011, Kathy Dunderdale, Premier of Newfoundland and Labrador, declared that the Provincial Government will endorse the project. The deal summarizes the terms and conditions pertaining to the Provincial Government's contribution, which comprises repayment terms, project costs and common security problems
According to Minister King, the signing of the deal is great news for St. Lawrence and the entire region, and he is happy that the Provincial Government is supporting Canada Fluorspar in this venture, which will create new jobs and spin-offs for regional businesses wishing to serve the mine's operations.
It is expected that the project will generate about 126,000 t of acid grade per annum. On an intentional scale, the yearly usage of fluorspar is roughly 5.6 million t with an approximate value of US $1.6 billion. The total economic impact on the region could surpass $380 million over the 15-year life of the mine