Decision is a major step towards the realization of Arianne’s Lac à Paul phosphate project
SAGUENAY, QC, Oct. 23 2018 /CNW Telbec/ – Arianne Phosphate (the “Company” or
“Arianne”) (TSXV: DAN) (OTC: DRRSF) (FRANKFURT: JE9N), a development-stage phosphate mining company, advancing the Lac à Paul project in Quebec’s Saguenay-Lac-Saint-Jean region, is pleased to announce that the Port of Saguenay has received a favorable decision with regards to the construction of a maritime terminal facility on the north shore of the Saguenay River. Granted by the Minister for the Environment and Climate Change, the Honorable Catherine McKenna, this decision now paves the way forward for the construction of a terminal that will allow for the shipping of Arianne’s phosphate concentrate to customers around the world.
“We are very pleased by the decision,” said Jean-Sebastien David, COO of Arianne Phosphate.
“This result comes after a long period of collaboration with the Port and involved many environmental studies, public consultations and a very thorough and rigorous environmental impact assessment that was conducted by the Canadian Environmental Assessment Agency. With conditions now set, and the ongoing responsibilities on the part of the Port and its users well defined, this approval will allow Arianne and its stakeholders to receive the economic benefits of the Lac à Paul project while acting in an environmentally responsible and sustainable fashion.”
The maritime terminal on the north shore of the Saguenay River is a very significant milestone for the Lac à Paul project. With a port facility in place, it will allow for efficient and cost-effective transportation of Arianne’s high-purity, premium-priced phosphate concentrate globally and, will open new markets for the Company. Based on Arianne’s 2013 Feasibility Study (see Press Release dated October 24, 2013), the project had a US $1.9 billion NPV and is set to produce 3 million tons a year of phosphate concentrate for 26 years, making it the largest independent phosphate mine set to come on stream. During construction of the Lac à Paul mine, over 2,000 jobs will be created followed by 1,000 direct and indirect on-going jobs through the life-of-mine.
“This is a very decisive event for our Company and, the region as a whole,” said Brian Ostroff, CEO of Arianne Phosphate. “I believe that this greatly increases the chances of our project coming to fruition and something that many of the potential customers and financiers we are in discussions with wanted to see happen. This provides a good example of what can be accomplished when all stakeholders work together towards a common goal; increased employment, upgraded infrastructure and economic development. Lastly, this is a big step towards unlocking the economics for our shareholders who have supported us over the years as our project has moved towards realization.”