Jacques Daoust, Quebec’s Minister of Economy, Innovation and Export Trade, confirmed that the government will maintain its prior investment commitment – $100 million equity stake plus $250 million in senior debt – in the proposed $1.1-billion McInnis Cement plant and marine terminal in Port-Daniel-Gascons.
“When we came to office, our government vowed to review this project with the executives of McInnis Cement and their financial partners,” stated Daoust. “We looked at three aspects of the project, namely the financial structure, its impact on trade agreements, and strength of the business plan. Having received satisfactory answers, we are now in a position to support this project, which will bear significant economic benefits for the Gaspé and Magdalen Islands region.”
Formally outlined in February, the Port-Daniel-Gascons plant will have an approximate 2.5 million tpy production capacity. Anchoring an export-driven business model, a marine terminal will be equipped to load barges – bound for Great Lakes and Northeast U.S. markets – at rates up to 2,000 tph. McInnis Cement recently acquired land adjacent to the limestone-rich, 850-acre site it already owns to provide substantial backup reserves and guarantee the mill’s long-term viability.