News

August 10, 2015

A New $1 Billion Fund for the Mining, Oil and Gas Industry

Investissement Québec subsidiary Ressources Québec will manage the Capital Mines Hydrocarbures fund created by the Québec government.

Aerial view of the Renard project site

The Capital Mines Hydrocarbures (CMH) fund, now operating, will be used to acquire interests in companies that extract and process Québec’s subsurface mineral resources.

Management of the $1 billion CMH fund has been entrusted to Ressources Québec, making the Investissement Québec subsidiary the gateway for any companies, Québec-based or otherwise, that are looking to tap the fund for financing.

“In addition to the CMH fund, Ressources Québec has $500 million of its own capital to invest in mining and oil and gas projects,” explained Ressources Québec General Manager Denis Williams. “For example, we have already invested in Stornoway’s Renard project, which will be Québec’s very first diamond mine.”

The CMH fund at a glance

The CMH fund provides Ressources Québec with $500 million that it can use to support investment projects worth at least $5 million anywhere in the region targeted by the Plan Nord. A second $500 million envelope will be earmarked for projects across the province.

A maximum of $800 million will be reserved for mining projects, including $200 million for prefeasibility and feasibility studies, while a minimum of $200 million will be reserved for oil and gas projects.

All equity investments will be carried out on a business basis, in accordance with the investment policy adopted by the government and with a responsible approach to investment.

Learn more about the Québec government's investment policy (French website).