Canada Fluorspar Announces $17 Million Contribution from the Government of Newfoundland and Labrador
August 11 2011 - 1:14PM
Marketwired
Canada Fluorspar Inc. (TSX VENTURE: CFI) (the "Company") is pleased
to announce a $17 Million contribution to the development of the
St. Lawrence Fluorspar Mine from the Government of Newfoundland and
Labrador.
The Honourable Kathy Dunderdale, Premier of Newfoundland and
Labrador, today announced the $17 million repayable contribution to
the Company to set in motion its new plans for the St. Lawrence
fluorspar mine and the creation of hundreds of new employment
opportunities.
Premier Dunderdale made the announcement at the ribbon cutting
and grand opening of the fluorspar mine. The Honourable Susan
Sullivan, Minister of Innovation, Trade and Rural Development, and
the Honourable Darin King, Minister of Human Resources, Labour and
Employment and MHA for Grand Bank, as well as Lindsay Gorrill,
President and CEO, and Richard Carl, Executive Chairman, of Canada
Fluorspar, and Bernard Roche from Arkema Inc., joined the Premier
for the announcement.
"This is a tremendous day for St. Lawrence and the entire Burin
Peninsula," said Premier Dunderdale. "After decades of inactivity,
I am pleased that my government can help support Canada Fluorspar.
Their work at the St. Lawrence fluorspar mine will bring
considerable activity to this region both in the form of new jobs
and spin-offs for local businesses looking to service the mine's
operations. This collective activity will have a net economic
impact on this area of close to $380 million."
The Provincial Government's $17 million repayable contribution
will help the company construct a deep-water port facility, which
will serve as a vital piece of infrastructure at the mine site and
enable the company to efficiently export the acid-grade
fluorspar.
"Mining is a major contributor to Newfoundland and Labrador's
economic and business growth, especially in rural areas like St.
Lawrence," said Minister Sullivan. "Mining projects lead to new
employment opportunities being created, new homes being
constructed, new ventures being developed, and existing businesses
being expanded. As a government, under the leadership of Premier
Dunderdale we are committed to working with our industry partners
such as Canada Fluorspar to unlock the riches that exist in this
province and grow our economy."
The re-development of the St. Lawrence fluorspar mine will
create a maximum of 370 full-time construction jobs over the next
two years. Once Canada Fluorspar begins production, employment is
anticipated to be constant with more than 160 full-time positions
throughout the 15-year life of the mine.
"This administration has been committed to Canada Fluorspar and
the St. Lawrence mine for many years," said Minister King. "It is
great to see this working relationship culminate with today's grand
opening. It is a partnership that will benefit the community and
region for many years to come."
Globally, approximately 5.6 million tonnes of fluorspar are
consumed annually, representing a market value of approximately
US$2 billion. Fluorspar is used primarily by the chemical industry
for refrigerants, foam products, as well as in the manufacturing of
aluminum, Teflon, petroleum refinement, glass, medicine, and
agriculture.
"Canada Fluorspar acknowledges and appreciates the efforts and
commitment of Premier Dunderdale and her Cabinet in supporting our
efforts to set in motion the new plans for the fluorspar project at
St Lawrence," said Mr. Carl. "Today is the culmination of years of
effort on both our parts and it is very gratifying for the company,
its stakeholders and employees and the Town of St. Lawrence as we
step forward together to make this project a reality."
Mr. Gorrill added to Mr. Carl's comments by expressing the value
of the company's partnership agreements in positioning the mine for
long-term success.
"Our recently announced partnership with Arkema has been an
integral part of reaching this important milestone in the
developing of this project," said Mr. Gorrill. "Our current
financial structure, that results from our partnership agreements,
provides us with the capability to be in St. Lawrence for a long
period of time, thereby paving the way for a prosperous, safe and
healthy future for all our stakeholders and employees."
Canada Fluorspar Inc. is publicly traded on the Toronto Stock
Exchange. In its development of the fluorspar mine in St. Lawrence
it is being supported by Arkema Inc., a global chemical company and
France's leading chemical producer.
"Arkema is proud to be a part of this partnership with Canada
Fluorspar, the Provincial Government of Newfoundland and Labrador,
and the people of St. Lawrence for the new fluorspar project that
will contribute to the growth of the local and regional economy,"
said Mr. Bernard Roche, President and CEO of Arkema Inc.. "The
support of Premier Dunderdale's administration in contributing $17
million for a deep-water port is instrumental to the success of
this far-reaching project and is greatly appreciated by Arkema
Inc."
About the Company
The Company is a specialty mineral resource company engaged in
the development and production of fluorspar deposits at its
property located in St. Lawrence, Newfoundland, Canada, and is
moving forward to reactivate existing underground fluorspar mines,
expand an existing mill, construct a new, environmentally-sound
Tailings Management Facility and build a new deep-water marine
terminal in the outer St. Lawrence Harbour for the export of
fluorspar concentrate product.
For more information please see: www.canadafluorspar.com.
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: Canada Fluorspar Inc. Lindsay Gorrill President and
CEO 1-800-823-8095 lgorrill@canadafluorspar.com
www.canadafluorspar.com
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