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Phosphate mine at Lac à Paul Philippe Couillard announces Québec Government support for Arianne Phosphate

Saguenay, September 15, 2014 – The Premier of Québec, Philippe Couillard, accompanied by the Minister for Mines and Minister Responsible for the Abitibi-Témiscamingue and Nord-du-Québec regions, Luc Blanchette, and the Member for Dubuc and Parliamentary Assistant to the Premier for the Saguenay–Lac-Saint-Jean region, Serge Simard, confirmed that the Government of Québec is participating in the financing of the phosphate mine project of Arianne Phosphate located at Lac à Paul, north of Saguenay.

“During the last election campaign, I said that our government would support the Arianne Phosphate project. Today, we’re putting that pledge into action. By partnering with this major initiative, we are contributing to the development of the Plan Nord, which has strong potential to generate wealth for Québec. We are also taking advantage of the skilled and highly sought-after workforce that has helped establish the reputation of Québec’s mining industry. This important project will enrich our region,” said Premier Couillard.

The government contribution consists of a subscription to the company’s share capital through Investissement Québec for a maximum of $2 million. This amount completes the $8 million financing round launched by the company in July, a first step in the development of the mine that will help attract the partners and investors needed to finance construction of the $1.2 billion project. The mine, which is slated to go into operation as soon as possible, will create 465 direct jobs during the operations phase, and an estimated $12.5 billion in economic spinoffs over 25 years.

“With this first initiative, we are acting as a partner to send a clear signal to investors about the caliber of this project and the spinoffs it will generate. Québec has abundant mineral resources and it is our duty to develop them in a responsible fashion, in keeping with our environmental regulations, and in collaboration with aboriginal and local communities,” said Minister Luc Blanchette.“The Arianne Phosphate project is a priority for the people in my riding of Dubuc, and for the region as a whole. Our government is determined to bring prosperity to the region by creating jobs and diversifying our economy. The phosphate mine will generate new expertise and help attract more investment and projects for the area,” noted Dubuc MNA Serge Simard.

Arianne Phosphate will negotiate agreements with the local aboriginal communities and submit its project to Bureau d’audiences publiques sur l’environnement (BAPE) by the end of the year.

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