Blackrock in the news Oct 26th 2013Published 2013-10-26 00:00
Montreal metal BlackRock approaches the finish line.This mining company with closed capital 65% owned by Chinese interests is expected to complete early in 2014 its enriched iron of vanadium mine project funding to lac Doré, near Chibougamau, in the special territory of James Bay.During the Conference objective North, organized by business on 16 October in Montreal, the president of BlackRock, Jean Rainville, has said he plans get "next few weeks" the fire green Quebec Environmental Committee COMEX for the first phase of its project, valued at $ 900 million. From this moment, BlackRock will be able to finalize its financing to start construction of the mine from the 2014 spring thaw.Mr. Rainville said optimistic of having this funding, despite the current context. "My market is nestled: I of vanadium in my iron," he explains to the business.In fact, the deposit will be using BlackRock is vanadium-rich. The concentrate that wants to produce the mining contains 1%, in addition to iron and titanium.
In the early 2000s, the deposit was held by MacKenzie Bay. This company wanted to separate the iron of vanadium, a second transformation that brings added value, because it allows to sell iron and vanadium separately. But the project has not emerged, and BlackRock rejected the idea of a second transformation at the moment.The transformation process is 'very toxic', explained Mr. Rainville to the Conference objective North.
In an interview conducted on November 22, 2012, Jean Rainville had explained that he did not have to raise funds for such a transformation. "We will not spend billions just to play to the visionaries ', he said. He however added that BlackRock would gain a premium for its vanadium.The Chinese in the shotOne thing is certain: BlackRock unprocessed ore found a buyer in China, where factories will make separation and where the vanadium is in high demand: thanks to its ability to increase the resistance of steel structures, it will be used to rebuild structures demolished by earthquakes.
And this is how the first financing obtained by BlackRock, which amounts to 40 M$, comes from the Chinese Prosperity Minerals Fund, which currently holds 65% of the mining.
BlackRock has in hand an agreement of 150 M$ with the sovereign Fund of the Sultanate of Oman in the Middle East, who wants to start in the mining sector. The funding includes 80 M$ of shares and 70 M$ iron concentrate.
Meanwhile, Ressources Québec bought for 45 M$ of shares in BlackRock. The Crown Corporation may increase its support in the context of another program, hope M. Rainville.Lac Doré project has crossed several milestones: it has been the subject of an agreement with the Cree community on its impacts and its benefits, as well as a partnership with Chibougamau.
BlackRock is in talks with Hydro-Québec for a 60 MW line in phase I and 90 MW in phase 2 (which provides a second pit of 3.5 km).BlackRock provides also build a 27 km railway (50 M$) linked to existing networks with which it has concluded an agreement: Canadian National, Rio Tinto and a railway that the community of Grande-Anse in the Saguenay is being built to the port. BlackRock plans invest 100 M$ for these port facilities