McInnis Cement counters Quebec plant opponents’ government subsidy claims

Sources: McInnis Cement, Montreal; Lafarge North America, Chicago; CP staff

Responding to Lafarge North America charges of “enormous subsidies” behind a $1 billion greenfield cement plant and marine terminal in eastern Quebec, McInnis Cement contends: “The project has no subsidies [and] is being financed based on the merits of the business, with all debt and equity investors involved doing so on a commercial basis alone.”

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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.

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Northeast Newcomer

Convening in Montreal are (from left) McInnis Cement Senior Vice President, Commercial & Logistics Jim Braselton, Chief Executive Officer Christian Gagnon and Senior Vice President, Operations Gaetan Vezina.
McInnis Cement orients greenfield plant to broad Great Lakes and Atlantic Coast market footprint

By Don Marsh

Quebec Premier Pauline Marois and business leaders convened in late-January to outline a financial structure for an export-driven start up, McInnis Cement. The company will commence spring 2014 construction of a “shovel ready,” $1 billion project: An advanced portland cement mill with ultimate annual capacity upward of 2.5 million tonnes (2.75 million tons), plus marine terminal equipped to load 2,000 tonnes (2,200 tons)/hour.

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