Printer Friendly

Magnesium-talc project explored. (Mining News).

With financial backing from the Quebec government, a magnesium-talc project in Timmins may be closer to fruition.

Timmins-James Bay MPP Gilles Bisson, is meeting with Northern Development and Mines Minister Jim Wilson to offer incentives for Globex Mining Enterprise Inc. to build a new smelter near Timmins. The Quebec government is offering the mining company conditional financial support if it builds a smelter in that province for ore mined at a large magnesium-talc-silica deposit 13 kilometres south of downtown Timmins.

The mine is expected to produce 90,000 tones of magnesium metal annually, with the smelter expected to employ 500 people. The project represents a $966-million (US) investment. An upcoming meeting between Globex and ministry officials has been arranged, at which time mining company executives will present their case.

Globex Mining Enterprises Inc. owns 100 per cent interest in a magnesite-talc-silica deposit 13 kilometres south of Timmins in Deloro Township. A study completed last fall suggested a full feasibility study be commissioned with intent to construct a $1.5-billion mining, milling and smelting complex with mine and mill facilities in Timmins and a smelter near Rouyn-Noranda, Que. The cost of a full feasibility study has been calculated at $17,709,000, says an official with Globex. The Quebec government has submitted a proposal to provide a non-recourse loan of about 25 per cent of the required amount, with another 25 per cent being sought from the federal government, and Globex contributing the remaining 50 per cent for the study. The company estimates about 530 jobs will be created at the smelter, with an additional 80 jobs at the mine and mill complex in Timmins, but predicts this stage is about five years away.

The envisioned project will produce 90,000 tonnes of magnesium metal annually with the entire complex requiring a capital expenditure of $966 million US. The life of the ore body is expected to be over 100 years at that rate of production.

The construction phase of the project would create up to 200 direct jobs in Timmins, and up to 1,500 direct jobs in Rouyn-Noranda.

A Timmins city council member has proposed the Timmins Economic Development Corp. become involved in the Globex project so that the city can benefit from the project in every possible way.
COPYRIGHT 2002 Laurentian Business Publishing, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Timmins, Ontario
Publication:Northern Ontario Business
Article Type:Brief Article
Geographic Code:1CANA
Date:Jul 1, 2002
Words:380
Previous Article:Mine reopening proposed. (Mining News).
Next Article:Breaking down barriers: diversification has been a boon to growth for the Bucket Shop in Timmins, says Brian Blahey, marketing manager. (Timmins:...
Topics:


Related Articles
Leaders in safe, cost-efficient plans.
Mining industry pools exploration ideas.
Restrictions anger explorers: province opts to prevent exploration on living legacy sites. (Mining).
Mine closer to fruition. (Mining News).
Service sector confidence rising as project moves forward. (Timmins: Special Report).
Globex waits on private funding for study. (Mining Around the North).
Optimism continues, study finds. (Timmins Special Report).
Job losses offset by gains in mining; economic upturn "long overdue".
Lack of workers may stunt job growth in Timmins.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters