Latest news with #Saguenay
Yahoo
5 days ago
- Business
- Yahoo
First Phosphate Signs Agreement with Port Saguenay to Establish Phosphoric Acid Plant
Saguenay, Quebec--(Newsfile Corp. - July 18, 2025) - First Phosphate Corp. (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") announces that it has finalized an industrial land option agreement with Port of Saguenay (the "Port") located in Saguenay, Quebec, Canada (the "Agreement"). The Agreement marks progress on the memorandum of understanding ("MOU") signed between the Company and the Port on October 12, 2022. Under the Agreement, First Phosphate has the exclusive right to enter into a definitive land lease with the Port by December 31, 2027, subject to various financial and development milestones and prior to anticipated facility construction beginning in 2028. The Agreement covers lands where the Company plans to develop a phosphoric acid plant using advanced clean technology from Prayon SA of Belgium and to be implemented by international engineering firm Ballestra of Italy. These lands offer strategic benefits and a competitive position, including: Direct rail and vessel access to North American and global markets, especially to the company's European offtakers Access to large-scale industrial infrastructure, utilities and expansion lands Eventual vertical integration between upstream phosphoric acid and downstream LFP battery material production The Agreement was signed today in Montreal at the premises of the Wallonia Export & Investment Agency ("AWEX"). In attendance for the signing were: Claude Guay, Member of Parliament for LaSalle-Émard-Verdun, Parliamentary Secretary to the Minister of Energy and Natural Resources, Canada Mario Simard, Member of Parliament for Jonquière, Vice-Chair, Standing Committee on Natural Resources, Canada Andrée Laforest, Deputy, Chicoutimi, Minister of Municipal Affairs and Housing, Government of Quebec François Tremblay, Deputy, Dubuc, Government of Quebec Anne Defourny, Trade/Investment Counsellor, Wallonia Export & Investment Agency Carl Laberge, President and Board Chair, Port Saguenay John Passalacqua, CEO, First Phosphate Corp. David Dufour, Executive Vice-President, First Phosphate Corp. Signing of Agreement between Port Saguenay and First Phosphate, in Montreal, at Wallonia Export & Investment Agency To view an enhanced version of this graphic, please visit: "Our government's ongoing investments in Port Saguenay will enable companies such as First Phosphate to process phosphate into phosphoric acid right here in Saguenay. We continue our efforts to ensure that our infrastructure is up to par for attracting businesses to the port and to our surrounding communities. We remain proactive and positive for our Saguenay-Lac-Saint-Jean region," said Andrée Laforest, Member of Parliament for Chicoutimi, Minister of Municipal Affairs and Minister responsible for the Saguenay-Lac-Saint-Jean region, and François Tremblay, Member of Parliament for Dubuc. "The new Government of Canada supports the development of critical minerals and the infrastructure needed to support them. Phosphate has been included by the federal government in the Canadian list of critical minerals to open doors for phosphate projects across Canada. This agreement demonstrates the economic opportunities these minerals bring to Canada and Quebec in the production and processing of critical minerals. We thank First Phosphate and the Port of Saguenay for their work in pursuing these opportunities. By working together, we will build the strongest economy in the G7," said Claude Guay, Member of Parliament for LaSalle-Émard-Verdun and Parliamentary Secretary to the Minister of Energy and Natural Resources. "I am delighted with today's announcement: this is a major project for both the region and the whole of Quebec. Today, Saguenay-Lac-Saint-Jean is carving out a place for itself in the battery industry, and not just any place. This project is a symbol of sustainable economic development and is in line with our commitment to promoting projects that contribute to the energy transition," said Mario Simard, Member of Parliament for Jonquière and Bloc Québécois spokesperson for Natural Resources. "This agreement with First Phosphate confirms Saguenay's central role in the development of the critical minerals sector in both Quebec and Canada," said Saguenay Mayor Julie Dufour. "With our industrial infrastructure, strategic access to rail and maritime networks, and our strong commitment to welcoming innovative projects, Saguenay is proving its ability to attract major investment. This project aligns with our ambition to establish Saguenay as a key economic hub in northeastern Canada." "This agreement with First Phosphate confirms the strategic advantages and role of the Port of Saguenay as a natural logistics hub in northeastern Canada for the development of the critical minerals sector. It follows major investments and infrastructure projects currently underway in its industrial port zone and is in line with the collaboration agreement recently signed with North Sea Port, a strategic port area in Europe," said Mr. Carl Laberge, President and CEO of Port Saguenay. "This agreement represents a significant step forward for economic diversification and the establishment of a promising industrial sector for Quebec and Canada." To view details on the facilities at Port Saguenay, please see: Signature of Agreement between Port Saguenay and First Phosphate, in Saguenay, at Port Saguenay To view an enhanced version of this graphic, please visit: About First Phosphate Corp First Phosphate (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) is a mineral development company dedicated to producing high-purity phosphate for the LFP battery industry. The Company's vertically integrated approach connects sustainable phosphate mining in Quebec with North American battery supply chains, targeting the energy storage, data center, robotics, mobility, and defense sectors. First Phosphate's flagship Bégin-Lamarche Property in Saguenay-Lac-Saint-Jean is one of North America's rare igneous phosphate resources, yielding high-purity phosphate with minimal impurities. About Port Saguenay The Saguenay Port authority (SPA), also known as the "Port of Saguenay", is an autonomous federal public enterprise incorporated under the Canada Marine Act in 1999. It is one of the 17 Canadian Port Authorities (CPAs), recognized for its strategic importance and its contribution to the country's economy. Located in the heart of Saguenay-Lac-St-Jean industrial region, the Port of Saguenay is a natural gateway to Northern Quebec and its extensive natural resources. Accessible all year round, its deep-water marine facilities are capable of accommodating some of the world's largest ships. Accessible directly from major North American rail and highway networks, the Port is also renowned for the quality and availability of its infrastructure. About the Walloon Export & Investment Agency in Quebec The Wallonia Export and Investment Agency ("AWEX") is a public interest organization created by the Walloon Region in 1998. It is the key partner for any Walloon company wishing to expand internationally and acts as a one-stop shop for any foreign company interested in establishing a presence in Wallonia. AWEX has maintained an office in Montreal for many years to strengthen trade relations between Wallonia and Quebec. It works in collaboration with the General Delegation Wallonia-Brussels based in Quebec City and the Embassy of Belgium in Ottawa. For additional information, please contact: Bennett KurtzChief Financial Officerbennett@ +1 (416) 200-0657 Investor Relations: investor@ Media Relations: media@ Follow First Phosphate: X: Forward-Looking Information and Cautionary Statements This news release contains certain statements and information that may be considered "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" and other similar expressions. In addition, statements in this news release that are not historical facts are forward-looking statements, including, among other things: the Company's planned exploration and production activities; the properties and composition of any extracted phosphate; the Company's plans for vertical integration into North American supply chains, the Company's plans relating to the design, build, operation and maintenance of the Bégin-Lamarche Phosphate Mine (and the possibility of eventual economic extraction of minerals from therefrom); the Company's entering into of a definitive land lease for one or both of the Phase 1 and Phase 2 lands and the achievement of preconditions thereto; the achievement and completion of all required steps, including, without limitation, access to financing, and regulatory and environmental approvals, to build and operate a phosphoric acid and gypsum valorization facility, and lithium iron phosphate (LFP) cathode active material (CAM) production facility; the vertical integration between upstream phosphoric acid and downstream LFP CAM production; and the Company's access to international markets and any future partner co-location. These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in the Company's public disclosure record including the short form base prospectus dated June 5, 2024, as well as: there being no significant disruptions affecting the activities of the Company or inability to access required project inputs; permitting and development of the projects being consistent with the Company's expectations; the accuracy of the current mineral resource estimates for the Company and results of metallurgical testing; certain price assumptions for P2O5 and Fe2O3; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the Company's relationship with First Nations and other Indigenous parties remaining consistent with the Company's expectations; the Company's relationship with other third party partners and suppliers remaining consistent with the Company's expectations; government relations and actions being consistent with Company expectations. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Company. In addition, the Company will incur costs in pursuing any particular opportunity, which may be significant. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company and, though they should be considered carefully, should be considered in conjunction with the risk factors described in the Company's other documents filed with the Canadian and United States securities authorities, including without limitation the "Risk Factors" section of the Company's Management Discussion and Analysis dated June 27, 2025 and Annual Report on 20-F dated July 8, 2024, which are available on SEDAR+ at Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. To view the source version of this press release, please visit
Malay Mail
5 days ago
- Business
- Malay Mail
First Phosphate Signs Agreement with Port Saguenay to Establish Phosphoric Acid Plant
Direct rail and vessel access to North American and global markets, especially to the company's European offtakers Access to large-scale industrial infrastructure, utilities and expansion lands Eventual vertical integration between upstream phosphoric acid and downstream LFP battery material production Claude Guay, Member of Parliament for LaSalle-Émard-Verdun, Parliamentary Secretary to the Minister of Energy and Natural Resources, Canada Mario Simard, Member of Parliament for Jonquière, Vice-Chair, Standing Committee on Natural Resources, Canada Andrée Laforest, Deputy, Chicoutimi, Minister of Municipal Affairs and Housing, Government of Quebec François Tremblay, Deputy, Dubuc, Government of Quebec Anne Defourny, Trade/Investment Counsellor, Wallonia Export & Investment Agency Carl Laberge, President and Board Chair, Port Saguenay John Passalacqua, CEO, First Phosphate Corp. David Dufour, Executive Vice-President, First Phosphate Corp. [email protected] 2 5 2 3 Saguenay, Quebec - Newsfile Corp. - July 18, 2025 - First Phosphate Corp. (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) ("" or the "") announces that it has finalized an industrial land option agreement with Port of Saguenay (the "") located in Saguenay, Quebec, Canada (the "").The Agreement marks progress on the memorandum of understanding ("MOU") signed between the Company and the Port on October 12, 2022. Under the Agreement, First Phosphate has the exclusive right to enter into a definitive land lease with the Port by December 31, 2027, subject to various financial and development milestones and prior to anticipated facility construction beginning in Agreement covers lands where the Company plans to develop a phosphoric acid plant using advanced clean technology from Prayon SA of Belgium and to be implemented by international engineering firm Ballestra of Italy. These lands offer strategic benefits and a competitive position, including:The Agreement was signed today in Montreal at the premises of the Wallonia Export & Investment Agency ("AWEX"). In attendance for the signing were:To view an enhanced version of this graphic, please visit:"Our government's ongoing investments in Port Saguenay will enable companies such as First Phosphate to process phosphate into phosphoric acid right here in Saguenay. We continue our efforts to ensure that our infrastructure is up to par for attracting businesses to the port and to our surrounding communities. We remain proactive and positive for our Saguenay-Lac-Saint-Jean region," said Andrée Laforest, Member of Parliament for Chicoutimi, Minister of Municipal Affairs and Minister responsible for the Saguenay-Lac-Saint-Jean region, and François Tremblay, Member of Parliament for Dubuc."The new Government of Canada supports the development of critical minerals and the infrastructure needed to support them. Phosphate has been included by the federal government in the Canadian list of critical minerals to open doors for phosphate projects across Canada. This agreement demonstrates the economic opportunities these minerals bring to Canada and Quebec in the production and processing of critical minerals. We thank First Phosphate and the Port of Saguenay for their work in pursuing these opportunities. By working together, we will build the strongest economy in the G7," said Claude Guay, Member of Parliament for LaSalle-Émard-Verdun and Parliamentary Secretary to the Minister of Energy and Natural Resources."I am delighted with today's announcement: this is a major project for both the region and the whole of Quebec. Today, Saguenay-Lac-Saint-Jean is carving out a place for itself in the battery industry, and not just any place. This project is a symbol of sustainable economic development and is in line with our commitment to promoting projects that contribute to the energy transition," said Mario Simard, Member of Parliament for Jonquière and Bloc Québécois spokesperson for Natural Resources."This agreement with First Phosphate confirms Saguenay's central role in the development of the critical minerals sector in both Quebec and Canada," said Saguenay Mayor Julie Dufour. "With our industrial infrastructure, strategic access to rail and maritime networks, and our strong commitment to welcoming innovative projects, Saguenay is proving its ability to attract major investment. This project aligns with our ambition to establish Saguenay as a key economic hub in northeastern Canada.""This agreement with First Phosphate confirms the strategic advantages and role of the Port of Saguenay as a natural logistics hub in northeastern Canada for the development of the critical minerals sector. It follows major investments and infrastructure projects currently underway in its industrial port zone and is in line with the collaboration agreement recently signed with North Sea Port, a strategic port area in Europe," said Mr. Carl Laberge, President and CEO of Port Saguenay. "This agreement represents a significant step forward for economic diversification and the establishment of a promising industrial sector for Quebec and Canada."To view details on the facilities at Port Saguenay, please see: To view an enhanced version of this graphic, please visit:First Phosphate (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) is a mineral development company dedicated to producing high-purity phosphate for the LFP battery industry. The Company's vertically integrated approach connects sustainable phosphate mining in Quebec with North American battery supply chains, targeting the energy storage, data center, robotics, mobility, and defense sectors. First Phosphate's flagship Bégin-Lamarche Property in Saguenay-Lac-Saint-Jean is one of North America's rare igneous phosphate resources, yielding high-purity phosphate with minimal Saguenay Port authority (SPA), also known as the "Port of Saguenay", is an autonomous federal public enterprise incorporated under the Canada Marine Act in 1999. It is one of the 17 Canadian Port Authorities (CPAs), recognized for its strategic importance and its contribution to the country's economy. Located in the heart of Saguenay-Lac-St-Jean industrial region, the Port of Saguenay is a natural gateway to Northern Quebec and its extensive natural resources. Accessible all year round, its deep-water marine facilities are capable of accommodating some of the world's largest ships. Accessible directly from major North American rail and highway networks, the Port is also renowned for the quality and availability of its Wallonia Export and Investment Agency ("AWEX") is a public interest organization created by the Walloon Region in 1998. It is the key partner for any Walloon company wishing to expand internationally and acts as a one-stop shop for any foreign company interested in establishing a presence in Wallonia. AWEX has maintained an office in Montreal for many years to strengthen trade relations between Wallonia and Quebec. It works in collaboration with the General Delegation Wallonia-Brussels based in Quebec City and the Embassy of Belgium in KurtzChief Financial OfficerTél: +1 (416) 200-0657Investor Relations: [email protected] Media Relations: [email protected] Website: X: LinkedIn: The issuer is solely responsible for the content of this announcement.
Yahoo
09-07-2025
- Business
- Yahoo
First Phosphate Closes Private Placement to Strategic Investor
Saguenay, Quebec--(Newsfile Corp. - July 9, 2025) - First Phosphate Corp. (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce that it has closed its financing (the "Offering") to the strategic investor and other follow-on investors, on terms as described in the Company's news release dated June 30, 2025. The Company raised a total of $3,229,529 through the issuance of 9,127,085 Flow-Through Shares at a price of $0.35 for gross proceeds of $3,194,479.75, and 100,142 Hard Dollar Units at a price of $0.35, comprised of 100,142 Common Shares and 50,071 Warrants, for gross proceeds of $35,049.70. The Offering was completed on substantially the same terms as the Company's earlier $1.0 million non-brokered private placement announced on May 9, 2025 which was oversubscribed for proceeds of $3.5 million and which closed on May 27 and June 2, 2025. Together with this Offering, the Company has raised to date a total of approximately $27.0 million in 8 management-led non-brokered private-placement financings since June 2022. In total, in connection with the Offering, the Company paid $1,600 in cash finder's fees, issued 642,844 Compensation Shares and advisory shares at a price of $0.35 per common share, and issued 647,416 Compensation Warrants, exercisable at a price of $0.50 per common share of the Company, until December 31, 2025, subject to an Accelerated Expiry Date. All securities issued under the Offering are subject to a four-month and one day statutory hold period in accordance with applicable securities laws. The Company intends to use the proceeds from the Offering as disclosed in the Company's press release dated June 30, 2025. Capitalized terms used in this news release and not defined herein have the meanings given to them in the Company's news release dated June 30, 2025. The Company may close another tranche of the Offering at its discretion. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals. There can be no assurance that any further securities will be sold under Offering. About First Phosphate Corp. First Phosphate (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) is a mineral development company dedicated to producing high-purity phosphate for the LFP battery industry. The Company is committed to sustainable extraction and purification with a low anticipated carbon footprint. Its vertically integrated model connects phosphate mining directly into the supply chains of North American battery producers. First Phosphate's flagship project, the Bégin-Lamarche Property in Saguenay-Lac-Saint-Jean, Quebec, contains rare igneous anorthosite rock that yields high-purity phosphate with minimal impurities. For additional information, please contact: Bennett KurtzChief Financial Officerbennett@ +1 (416) 200-0657 Investor Relations: investor@ Relations: media@ Follow First Phosphate: X : -30- Forward-Looking Information and Cautionary Statements This news release contains certain statements and information that may be considered "forward-looking statements" and "forward looking information" within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements, including, among other things: the Company's planned exploration and production activities; the properties and composition of any extracted phosphate; the Company's plans for vertical integration into North American battery supply chains; and the receipt of all necessary approvals. These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in the Company's public disclosure record including the short form base prospectus dated June 5, 2024, and the receipt of all necessary approvals. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Company. In addition, the Company will incur costs in pursuing any particular opportunity, which may be significant. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company and, though they should be considered carefully, should be considered in conjunction with the risk factors described in the Company's other documents filed with the Canadian and United States securities authorities, including without limitation the "Risk Factors" section of the Company's Management Discussion and Analysis dated June 27, 2025 and Annual Report on 20-F dated July 8, 2024, which are available on SEDAR+ at Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. THIS NEWS RELEASE IS NOT INTENDED FOR DISSEMINATION IN THE UNITED STATES To view the source version of this press release, please visit Sign in to access your portfolio
Malay Mail
07-07-2025
- Business
- Malay Mail
First Phosphate Produces LFP Battery Cells Using North American Critical Minerals
Using mainly Quebec critical minerals Phosphate: High-purity phosphoric acid produced from igneous phosphate concentrate extracted from the First Phosphate Bégin-Lamarche property in Quebec, Canada and processed in the pilot installations of Prayon Technologies of Belgium, Europe. High-purity phosphoric acid produced from igneous phosphate concentrate extracted from the First Phosphate Bégin-Lamarche property in Quebec, Canada and processed in the pilot installations of Prayon Technologies of Belgium, Europe. Iron: Iron powder produced using magnetite concentrate from the First Phosphate Bégin-Lamarche property in Quebec, Canada and processed by GKN Hoeganaes of Tennessee, USA. Iron powder produced using magnetite concentrate from the First Phosphate Bégin-Lamarche property in Quebec, Canada and processed by GKN Hoeganaes of Tennessee, USA. Lithium: Lithium carbonate produced by Century Lithium Corp. (TSXV: LCE) from its operations in Nevada, USA. Lithium carbonate produced by Century Lithium Corp. (TSXV: LCE) from its operations in Nevada, USA. Graphite: Natural graphite-based active anode material produced by Nouveau Monde Graphite (NYSE: NMG) from its operations in Quebec, Canada. [email protected] Saguenay, Quebec - Newsfile Corp. - July 7, 2025 - First Phosphate Corp. (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce that it has successfully produced commercial-grade lithium iron phosphate ("LFP") 18650 format battery cells using, advancing its mission to localize the LFP battery supply chain in North LFP cathode and anode materials for the First Phosphate 18650 LFP battery cells were produced using North American critical minerals from the following supply sources:"Today we demonstrate that North America, and Quebec in particular, possess the full spectrum of critical minerals and industrial capabilities to re-onshore LFP battery cell production," said John Passalacqua, CEO of First Phosphate. "It is important to remember that LFP battery technology originated in North America. Reclaiming this leadership is essential to securing North American energy storage, mobility, data center, robotics, and defense industry infrastructure."The production process for the First Phosphate LFP 18650 Battery cells from North American critical minerals is viewable at: LFP 18650 battery cells are versatile lithium-ion batteries that are widely used in industries such as robotics, automation, military and defense, data centers, telecommunications, medical devices, consumer electronics and electric 18650 battery cells can be found in autonomous electronic devices such as robots, drones and UAVs, power chargers, laptops, power tools, electric bicycles and scooters, solar storage devices, home energy and power backup units, flashlights, digital cameras, night vision goggles, medical diagnostic equipment, data centers, AI infrastructure and telecommunications LFP 18650 battery cells were assembled for First Phosphate by Ultion Technologies Inc (Las Vegas, Nevada), a private battery technology company specializing in LFP battery materials and cells with development and pack assembly operations for North American First Phosphate LFP 18650 battery cells are being unveiled today by First Phosphate CEO, John Passalacqua, at the Oreba3 International Conference on Olivines for Rechargeable Batteries in memory of John B. Goodenough, 2019 Nobel Laureate in Chemistry. For additional details, please see: First Phosphate (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) is a mineral development company dedicated to producing high-purity phosphate for the LFP battery industry. The Company's vertically integrated approach connects sustainable phosphate mining in Quebec with North American battery supply chains, targeting the energy storage, data center, robotics, mobility, and defense sectors. First Phosphate's flagship Bégin-Lamarche property in Saguenay-Lac-Saint-Jean is a rare North American igneous phosphate resource, yielding high-purity phosphate with minimal KurtzChief Financial OfficerTel: +1 (416) 200-0657Investor Relations: [email protected] Media Relations: [email protected] Website: X: LinkedIn: The issuer is solely responsible for the content of this announcement.
CBC
04-07-2025
- Business
- CBC
Government talking to metals giant Rio Tinto about cash flow help amid U.S. tariffs
Industry Minister Mélanie Joly says the federal government is talking to mining and metals giant Rio Tinto about helping the company with cash flow problems caused by the United States' global steel and aluminum tariffs. During a visit to Saguenay, Que., on Thursday to meet with businesses in the province's aluminum sector, Joly told reporters that Ottawa had started talks with the firm earlier this week. A spokesperson for the minister confirmed Friday that the talks were ongoing but did not provide any further details. U.S. President Donald Trump last month doubled his administration's tariffs on imported steel and aluminum to 50 per cent. Canada is the top exporter of both metals to the U.S. Prime Minster Mark Carney said Canada would respond by adjusting its counter-tariffs on July 21, the deadline he set for an agreement with Trump when the two leaders met at the G7 summit. Rio Tinto, one of the world's largest mining firms, is dual-headquartered in the United Kingdom and Australia. But it operates a number of mines and refineries, with thousands of employees in Canada. Its website says it employs some 4,000 people in the Saguenay—Lac-Saint-Jean region. The company announced plans in 2023 to spend $1.4 billion to expand its aluminum smelting operations in the area. The Canadian Press reached out to Rio Tinto for comment on the negotiations but has not received a response. Support from Quebec Separately on Friday, Quebec Premier François Legault announced a new energy supply deal between Hydro-Québec and Aluminerie Alouette, an international consortium operating a smelter in Sept-Îles that counts Rio Tinto as a 40 per cent stakeholder. The consortium said as part of the deal it will invest $1.5 billion in modernizing its operations in the Côte-Nord region by 2045, with half of that spent in the next five years. A media release says these commitments will help maintain 1,000 jobs in the region. The new electricity pricing deal is described as balancing risk and reward for the partners — offering greater returns to Hydro-Québec when aluminum pricing is strong, but helping to make Aluminerie Alouette more competitive when prices are low. The new deal will take effect in 2030 after the current agreement expires.
