Metanor Resources MEAOD

What may or could be in the works?

[Babyboom51]

Quebec’s new C$1 billion ($798 million) fund dedicated to buying equity stakes in mining and other natural resources projects is moving closer to its first investments, Economy Minister Jacques Daoust said. His comments appear in a report by Bloomberg news service. Capital Mines Hydrocarbures, as the state-owned fund will be called, may invest as much as C$200 million in a number of mines, Daoust said Wednesday. “I have many things in the pipeline,” Daoust told reporters in Montreal. According to the Bloomberg report, he declined to give details, other than to say talks with “certain mines” are under way. While Finance Minister Carlos Leitao announced plans for the fund in June, Quebec’s legislature has yet to authorize its creation. Capital Mines Hydrocarbures should be able to support as many as 10 mining projects once it begins operating, Daoust said. “The raison d’etre of that fund is to make sure that at the end of the day, if the funding is complicated for the last 10 or 20 percent of a project, we will be there,” the minister said. “We can go to C$200 million, but normally we should not invest more than 10 or 15 percent of a project.”