Quebec officials sustain predecessors’ financial backing of McInnis Cement

Sources: Quebec Office of Minister of Economy, Innovation and Export Trade; McInnis Cement, Montreal; CP staff

Leaders in the newly elected Quebec government have confirmed the major financial commitment—$100 million equity stake plus $250 million in senior debt—prior province officials announced earlier this year for the $1.1 billion McInnis Cement plant and marine terminal in Port-Daniel-Gascons.

“When we came to office, our government vowed to review this project with the executives of McInnis Cement and their financial partners,” says Minister of Economy, Innovation and Export Trade Jacques Daoust. “We looked at three aspects of the project, namely the financial structure, its impact on trade agreements, and strength of the business plan. Having received satisfactory answers, we are now in a position to support this project, which will bear significant economic benefits for the Gaspé and Magdalen Islands region.”

Formally outlined in February, the Port-Daniel-Gascons plant will have about 2.5 million tons’ annual production capacity. Anchoring an export-driven business model, a marine terminal will be equipped to load barges—bound for Great Lakes and Northeast U.S. markets via the readily accessible St. Lawrence Seaway and Atlantic Ocean—at rates up to 2,000 tons/hour. McInnis Cement recently acquired land adjacent to the limestone-rich, 850-acre site it already owns to provide substantial backup reserves and guarantee the mill’s long-term viability.

Related article: McInnis Cement secures financing for plant serving New England, Mid-Atlantic, Great Lakes, Eastern Canadian markets