For three days this June, by invitation only, 45 executives will pay $3,500 and board a chartered flight from Montréal to Matagami for a guided tour of mining development facilities located in the Plan Nord region of Québec.
The South-North Economic Mission - jointly organized by Lavery, PriceWaterhouseCoopers, Québec Manufacturers and Exporters, Investissement-Québec and AGC Communications – is aimed at suppliers of goods and services such as engineering firms, construction firms, and other professionals. Several companies and organizations have already confirmed their participation, according to a Lavery press release.
Participants will visit Xstrata’s Perseverance mining complex, the Cree community of Oujé-Bougoumou, Arcelor Mittal’s Mont-Wright mining complex and Rio Tinto Iron Ore Company of Canada facilities in Labrador City.
Recently, Lavery represented exploration company Geomega Resources Inc. in a $1.5 million bridge financing that closed on March 16. (Geomega will not be participating in the Plan Nord tour in June.)
The bridge financing was secured by receivables from Revenu Québec tax credits related to mineral exploration granted by SIDEX, Limited Partnership.
Geomega owns the Montviel Rare Earths/Niobium project, located approximately 45 km west of the Cree First Nation of Waswanipi and 100 km north of Lebel-sur-Quévillon in the southern territory covered by “Plan Nord.” The net proceeds from the financing will be used to fund the development of the Montviel property through the preliminary economic assessment and exploration of the corporation’s graphite properties, and for working capital purposes.
Partner Sébastien Vézina, who led the Lavery team, explains the Montviel project is unique because of its proximity to infrastructure and available labour. Aside from location, he says, the project has distinct similarities with the world’s largest rare earths resource in Bayan Obo (Inner Mongolia).
The Lavery team also included partner Benjamin Gross and associate Emilie Duguay.
SIDEX, Limited Partnership was represented by Patrick Boucher, David Létourneau and Fraser Bourne of McCarthy Tétrault.
Geomega also recently completed a brokered private placement deal for total gross proceeds of $3.5 milion.