Sunday, August 14, 2011

Montreal company hopes to revive Asbestos mine: Canada

A Montreal company says it's confident a plan to revive one of Canada's last asbestos mines will go ahead.

The owners of the Jeffrey Mine in Asbestos, Que. were given until Monday to raise $25 million from the private sector to secure financing from the Quebec government.

Just as it seemed time was running out, a consortium of investors led by Montreal company Balcorp Ltd. said it's confident it can raise the money to purchase the mine.

That's despite the fact Balcorp has requested another extension on the financing deadline set by the province.

The private sector money would help the consortium secure a $58 million loan guarantee from the Quebec government.

Balcorp says financing is almost there but not quite.

It's bid to take over the mine comes as the industry faces heavy criticism from health experts and international critics.

They say exporting asbestos to the developing world is unsafe and immoral. (more)