The National Post is Canada’s second largest national paper.
Quebec’s mining lawyers are cautiously optimistic about the impact of the Liberal government’s revival of the Plan Nord mining project.
“What lies ahead for Quebec’s mining industry is better than what the future looked like during the last two years when there was no clear signal from the PQ that the mining industry was welcome here, ” said Jean-Philippe Buteau in Norton Rose Fulbright Canada LLP’s Quebec City office. “That’s not to say we’re just a few weeks or months from being back to the good old days, but now there’s a majority government that has both hands on the steering wheel.”
Indeed, the stars seem to be lining up. On July 8, Stornoway Diamond Corp. closed a $946-million comprehensive funding package for the construction of the company’s Renard Diamond Project in north-central Quebec.
“The government assisted Stornoway in building the access road to the project and was instrumental in obtaining financing,” said Michel Brunet in Dentons Canada LLP’s Montreal office. Significant support from the new Liberal government, then, was instrumental in the deal’s culmination.
“Stornoway is a great signal that Quebec will stand beside the mining companies if their business plan makes good sense and they are willing to play by the rules,” Mr. Buteau said.
About one month earlier, Agnico Eagle Mines Ltd. and Yamana Gold Inc. completed their acquisition of Osisko Mining Corp. The new owners will take over operation of the Canadian Malarctic gold mine located in the Abitibi-Témiscamingue region about 550 kilometres northwest of Montreal. They also plan to expand and upgrade Osisko’s Kirkland Lake assets in Southern Abitibi.
“It’s clear that good people from good companies will invest in good opportunities in Quebec if the message from the government is that the door is open,” said Sebastien Vézina in Lavery, de Billy LLP’s Montreal office. “Obviously the Liberal government believes that these opportunities exist despite the current low commodity prices.”
Premier Philippe Couillard, who made the revitalization of Plan Nord a focus of the election platform that led to his majority government earlier this year, delivered on his promise quickly by incorporating what is now “Plan Nord +” in the June budget.
For the rest of this article, click here: http://business.financialpost.com/2014/07/30/quebec-lawyers-optimistic-about-revived-plan-nord/