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BANK COMMITMENT SEALS FINANCING PACKAGE FOR MCINNIS CEMENT MILL

McInnis Cement Port-Daniel-Gascons operationThe National Bank of Canada has confirmed availability of a $360 million loan for an export-driven, 2 million-plus ton per year cement plant and marine terminal in Quebec’s eastern reaches. The late-July announcement caps financing for the McInnis Cement Port-Daniel-Gascons operation, led by a $500 million commitment from private and public investors, and $250 million commercial loan from province agency Investissement Québec.

“We are pleased the project can be realized without any subsidy … more than 30 years after it was imagined by local entrepreneurs,” says Christian Gagnon, CEO of Montreal-based McInnis. With site work and construction under way, he adds, “The ecological footprint of this flagship project for the cement industry in Canada and across the world will be one of the lowest in the industry.”