Tourism, Culture, Industry and Innovation
March 9, 2017
The following statement was given today in the House of Assembly by the Honourable Christopher Mitchelmore, Minister of Tourism, Culture, Industry and Innovation:
Minister Provides Update on Canada Fluorspar Inc. Newfoundland and Labrador
Mr. Speaker, I am pleased to rise in this Honourable House to announce a $17 million repayable loan to Canada Fluorspar Inc. Newfoundland and Labrador. This funding will assist with the re-activation of the St. Lawrence fluorspar mine, which is an exciting venture that will benefit the community, the region and the province.
This financial support will help diversify our economy and strengthen rural development on the Burin Peninsula and the province as a whole. It will help create upwards of 1,000 person years of employment in the construction phase. In addition, approximately 3,000 person years of employment in mining and milling is anticipated throughout the first 12 operating years.
Later today, I will be tabling documentation to transfer the funding from the Contingency Reserve to the Department of Tourism, Culture, Industry and Innovation. While construction has been ongoing at the site, this funding will assist the company in advancing the project.
Mr. Speaker, I invite all Honourable members to join me in congratulating Canada Fluorspar, the Town of St. Lawrence and all those involved in this significant milestone that will help strengthen and diversify our provincial economy.
2017 03 09 1:55 p.m.