BlackRock Metals said to have found takers for its titanium production. It is thus taking a new step towards the completion of its Chibougamau ferrovanadium-titanium mine and Grande-Anse treatment plant project.
The main production of BlackRock Metals will be cast iron and a ferrovanadium alloy.
The company will also produce titanium, used as a white pigment in plastics and paint as well as specialty alloys.
The company was however looking for a buyer for this portion of its production.
BlackRock Metals said to have found takers for its titanium production. It is thus taking a new step towards the completion of its Chibougamau ferrovanadium-titanium mine and Grande-Anse treatment plant project.
The main production of BlackRock Metals will be cast iron and a ferrovanadium alloy.
The company will also produce titanium, used as a white pigment in plastics and paint as well as specialty alloys.
The company was however looking for a buyer for this portion of its production.
There are currently two memoranda of understanding for lessees. We are talking about the entire production of about 125,000 tonnes per year
,says
BlackRock Regional Director David Dufour.
The two titanium buyers would be Asian companies.
Other residues
This agreement does not allow BlackRock Metals to dispose of all of its tailings.
The company will have to dispose of 20,000 to 25,000 tons per year of residues.
Moreover, discussions are still ongoing with the Hébertville-Station landfill site for the burial of part or all of these residues, but neither BlackRock nor the Régie des matières residuals of Lac-Saint -Jean were unable to confirm the quantities involved.
BlackRock stays on course
In addition, the management of BlackRock Metals ensures that the 2021 deadline for the production of its Grande-Anse mine and treatment plant is maintained.
She reacts to the news in La Presse Plus on Wednesday that a major investor has withdrawn.
BlackRock received its environmental permits last week.
The company says the project’s funding of nearly $ 1 billion is well underway.
We, we had our papers about a week ago, we think we can tie this in the coming weeks and start as planned, by some time, the construction here at the port of Saguenay
, says David Dufour.
Explanations that satisfy the Chamber of Commerce and Industry Saguenay-Le Fjord that the project is not threatened.
Financing a project like this can have ups and downs. There is a decline of one of the partners, there are other partners who will join the project and we are very confident that it will be realized
, underlines the general manager Sandra Rossignol.
BlackRock Metals: Financing is Waiting
BlackRock Metals has all the required government approvals to start its Saguenay mine and ferrovanadium project, but its funding is still not completed.
One of his financial partners failed him, according to government sources. At the request of the company, Quebec has therefore outspent a portion of the loan of $ 50 million already announced.
The Québec government has granted a total of $ 185 million in assistance to BlackRock Metals, in the form of a loan and an equity interest in the company. The government also disbursed $ 63 million for the Saguenay Port infrastructure, which will accommodate BlackRock’s activities, for a total contribution of nearly $ 250 million.
The Québec government agreed to anticipate its financial assistance last January. The information was voluntarily retained until recently “so as not to interfere with the BlackRock Metals negotiations”.
A spokesman for BlackRock confirmed that the project’s financing of more than $ 1 billion – $ 350 million for the iron mine and $ 650 million for the ferrovanadium iron concentrate plant – is not yet complete.
“We are in the process of completing it in the coming weeks,” said Alexandre Meterrissian, spokesperson for BlackRock Metals. President Jean Rainville, who was spokesman so far, can no longer talk to the media, he told La Presse . He had already indicated publicly that the start of the mine and plant could begin in April.
The company says it still intends to start building its plant this summer, according to its spokesman.
In addition to the Quebec government, BlackRock was counting on the New York Mining Investment Fund to be a partner in its project. It was not possible to know if Orion was still interested.
BlackRock wants to operate an iron ore mine at Chibougamau and a raw iron and ferrovanadium iron concentrate processing plant. Ferrovanadium is an alloy used in the production of steel to make it lighter. The company will also produce titanium, a metal in high demand for pigment production.
The above article is Google translated based on the following original French document.
Métaux BlackRock: le financement se fait attendre
étaux BlackRock a toutes les autorisations gouvernementales requises pour démarrer son projet de mine et d’usine de ferrovanadium au Saguenay, mais son financement n’est toujours pas complété.
Un de ses partenaires financiers lui a fait faux bond, a-t-on appris de source gouvernementale. À la demande de l’entreprise, Québec a donc devancé une partie du prêt de 50 millions de dollars déjà annoncé.
Le gouvernement du Québec a accordé une aide totale de 185 millions à Métaux BlackRock, sous forme de prêt et d’une participation au capital de l’entreprise. Le gouvernement a aussi déboursé 63 millions pour les infrastructures du port de Saguenay qui accueilleront les activités de BlackRock, pour une contribution totale de près de 250 millions.
Le gouvernement du Québec a consenti à devancer son aide financière en janvier dernier. L’information a été volontairement retenue jusqu’à tout récemment « afin de ne pas nuire aux négociations de Métaux BlackRock ».
Un porte-parole de BlackRock a confirmé que le financement du projet de plus de 1 milliard, soit 350 millions pour la mine de fer et 650 millions pour l’usine de transformation du concentré de fer en ferrovanadium, n’est pas encore bouclé.
« On est en voie de le compléter dans les prochaines semaines », a fait savoir Alexandre Meterrissian, porte-parole de Métaux BlackRock. Le président Jean Rainville, qui était porte-parole jusqu’à présent, ne peut plus parler aux médias, a-t-il indiqué à La Presse. Il avait déjà indiqué publiquement que la mise en chantier de la mine et de l’usine pourrait commencer en avril.
L’entreprise assure avoir toujours l’intention de commencer à construire son usine cet été, selon son porte-parole.
En plus du gouvernement du Québec, BlackRock comptait sur le fonds d’investissement minier new-yorkais Orion pour être partenaire de son projet. Il n’a pas été possible de savoir si Orion était toujours intéressé.
BlackRock veut exploiter une mine de fer à Chibougamau et une usine de transformation de concentré de fer en fonte brute et en ferrovanadium. Le ferrovanadium est un alliage utilisé dans la production d’acier pour le rendre plus léger. L’entreprise produira aussi du titane, un métal en forte demande pour la production de pigments.