Canada's Minister of Transport and Infrastructure Friday announced that the Government of Canada will contribute to a new project for the development of the Pointe Noire terminal at the Port of Sept Îles, which will have a positive impact on the economic development of the region in the short, medium and long terms.
The funding will be used to develop the Pointe Noire Terminal at the Port of Sept Îles. The project includes work on the land owned by the Port near the eastern part of Pier 31 of Pointe Noire (to build warehousing space with a capacity of up to 1.5 million tonnes of dry bulk cargo passing through the facilities) as well as a 60-meter extension to the east of the pier.
The announcement is in addition to two other Infrastructure Stimulus Fund announcements that were made in July and September of 2009. At these two announcements, the Government of Canada noted that it would invest up to $19.5 million to improve the operations of the Port of Sept-Iles with its optimization projects at Pier 30 and La Relance Terminal.
"With this third Infrastructure Stimulus Fund investment in the Port of Sept Îles, our government is investing in the economic future of the region by stimulating job creation and the carrying out of projects that will have a positive impact on the mining industry on the North Shore and in Northern Quebec and Labrador," said Minister Baird.
"This financial assistance will have a major multiplying effect for all players," said Pierre D. Gagnon, President and CEO of the Port of Sept Îles. "In addition to generating private investment of a comparable amount, the project will enable tripling the volume of activity at the Pointe Noire Terminal, at a time when our iron mining industry is experiencing substantial growth."