Québec City, April 18, 2012 - "Today Quebecers are gaining an extraordinary tool for investing in their natural resources," concurred Sam Hamad, Minister of Economic Development, Innovation and Export Trade and Minister responsible for the Capitale-Nationale region; Raymond Bachand, Minister of Finance and Minister of Revenue; and Clément Gignac, Minister of Natural Resources and Wildlife and Minister responsible for the Northern Plan, as they announced the creation of Ressources Québec, a subsidiary of Investissement Québec.
Ressources Québec will consolidate current government equity stakes of $236 million in the mining and hydrocarbon sectors, including those of Société québécoise d'exploration minière (SOQUEM) and Société québécoise d'initiatives pétrolières (SOQUIP). The government will also contribute a maximum of $250 million to capitalize Ressources Québec with the aim of carrying out investments in these sectors.
An additional $750 million will be invested through the new Capital Mines Hydrocarbures fund, including $500 million in the territory covered by the Plan Nord. The fund, announced in the 2012-2013 Budget Speech, will be earmarked for government investment in natural resources. All profits from these equity stakes will accrue to the Capital Mines Hydrocarbures fund for reinvestment in future projects. Overall, Ressources Québec will increase government holdings in mining and hydrocarbon ventures to over $1.2 billion.
"With the advent of the Plan Nord, creating this Investissement Québec subsidiary was a must. Investissement Québec already has the expertise and resources to carry out financing operations in these industries, notably through SOQUEM and SOQUIP. With the major funding we have provided, Ressources Québec will be equipped to make strategic investments, stimulate economic growth, and enable Quebecers to enjoy the benefits of the Plan Nord and resource development. The new structure will also provide the board of directors with access to new management expertise on sector-related issues," explained Sam Hamad.
Ressources Québec will provide financial solutions and assistance to businesses that want to profitably develop major projects of long-term benefit to Québec, ranging from resource exploration to development and processing.
"Our goal is to take a prudent, balanced approach that reflects the unique characteristics of mineral resource exploration and development. We want to take an active role, but one that still leaves room for private investment, which is essential to development in these sectors. Ressources Québec will make sure that a fair share of future benefits winds up in Quebecers' pockets," declared Raymond Bachand.
"Ressources Québec opens up new ways to capitalize on our natural resources, for the benefit of all Quebecers. Conditions have never been better for major investment in mineral and hydrocarbon exploration. The Québec mineral sector has greatly profited from growth in the metals markets in recent years, and with the creation of Ressources Québec we have even more ways of passing along these benefits to Quebecers," concluded Clément Gignac.
Investissement Québec's mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.
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