Thetford Mines – The Government of Canada, the Government of Quebec and Investissement Québec are providing a total of $26 million in financial contributions to KSM to support the establishment of a plant to manufacture fertilizers rich in potassium and magnesium in Tring‑Jonction, in the Chaudière‑Appalaches region.
Through this project, valued at nearly $70 million, 45,000 tonnes of agricultural fertilizers are expected to be produced yearly from waste materials from the former Carey mine. Thanks to its innovative technology, which uses a much lower temperature than comparable processes, the business expects to emit 70% fewer greenhouse gas emissions.
The Minister of Tourism and Minister responsible for Canada Economic Development for Quebec Regions (CED), the Honourable Soraya Martinez Ferrada, and the Minister for the Economy, Minister Responsible for the Fight Against Racism and Minister Responsible for the Laval Region, Christopher Skeete, made the announcement today along with the Member for Lotbinière‑Frontenac and Parliamentary Assistant to the Minister of Education (fight against violence and bullying among youth and in schools), Isabelle Lecours, and the Member for Beauce‑Nord, Luc Provençal.
The Government of Canada is supporting KSM with a repayable contribution of $5 million under CED’s Regional Economic Growth through Innovation (REGI) program. For its part, the Government of Quebec is providing a total of $12 million in financial assistance through the Ministère de l’Économie, de l’Innovation et de l’Énergie under the Fonds du développement économique and a $3 million grant under the Technoclimat program of the Ministère de l’Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs. In addition, Investissement Québec is providing a loan from its capital funds of $6 million for the business.
“When we upcycle mining waste to make high-quality fertilizers for our agricultural sector, we call this contributing to the economy of the future. By helping businesses develop processes and procedures that are more environmentally friendly, our government is helping to protect our ecosystem while building a greener, stronger economy. Congratulations to the KSM team on this innovative project that will generate significant economic spin‑offs for the Chaudière‑Appalaches region.” Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED