Canadian Metals Inc. (the "Corporation") is pleased to announce to inform its shareholders that the Prime Minister Pauline Marois announced its first foreign investment of about 375 million in Quebec for the construction of a Silicon plant during the World Economic Forum that was held in Davos, Switzerland.
The Spanish company FerroAtlántica will build a plant silicon which should eventually create 300 jobs, Ms. Marois announced at a press conference in Davos, Switzerland.
The project should be initiated at the end of 2016 and the site of the plant in Quebec has not yet been set.
Silicon is a processed material that can be used for various industrial uses, particularly in the automotive industry.
In return, Quebec literally rolling out the red carpet before FerroAtlántica, a subsidiary of Grupo Villa Mir, one of the largest private industrial groups in Spain, with operations in 40 countries.
Investissement Québec should provide 20 to 30 million to help the Spanish multinational, through a stake in the project, said Mario Albert, the big boss of the organization in a press conference.
Hydro-Québec also will make a discount of about 20% on the price L, that paid large industrial electricity consumers, such as aluminum. At this price, FerroAtlántica should pay its electricity 3.4 cents per kilowatt hour, according to our calculations.
The company also has the right to leave corporate taxes for 10 years, under Policy Priority Employment.
At a press conference, Ms. Marois has justified the generosity of aid and the decision to sell electricity at a loss by major Hydro-Québec surplus, which would yield nothing otherwise.
"The arrival in Quebec FerroAtlántica confirms our choice to have made ΓÇïΓÇïthe strategic acquisition of the Langis property, which will eventually be a major producer of silica for this growing market", commented Stéphane Leblanc, President and CEO Canadians of Metals.
Moreover, the Company is also continuing discussions with a number of potential buyers of silica sand.
The company is currently in the process of validation of the deposit of silica for the production of ferrosilicon with potential customers.
Canadian Metals is a mining exploration and development corporation based in Montreal, Quebec. The Corporation is focused on acquiring, exploring, and developing mining properties. Its flagship project is the Massicotte property located in the Detour Gold Trend, in the province of Québec, Canada. Canadian Metals is also looking for new projects to add to its portfolio. More information can be found on the Corporation's website.