A total of CAD 350 million (€235.36 million) will be invested by Quebec into a limestone deposit to be developed by Canada's McInnis Cement in Port-Daniel-Gascon, Quebec's Economy Minister Jacques Daoust has confirmed.
The commitment by the provincial government for the CAD 1.1 billion plant in the Gaspe region was announced in January 2014 by former Parti Quebecois Premier Pauline Marois and will consist of CAD 100 milloion equity contribution and CAD 250 million lending from Investissement Quebec.
A CAD 100 million loan will be extended by the federal government with the same amount to be contributed by Caisse de depot et placement du Quebec.
The plant's output will be cement only, with plans for the production to be supplied fully to the US.
