Troilus hosts Québec officials at near-term copper mine
TSX-listed Troilus Mining Corporation this week hosted representatives of the Québec government on site at the Troilus copper/gold project to announce its allocation of 70 MW of hydroelectric power to the project.
The allocation of 70 MW of clean hydroelectric power, which was announced on June 3, supports the future construction and operation of the Troilus project, which is expected to create 1000 jobs during construction and 680 long-term jobs during operations in the Eeyou Istchee James Bay region.
At current mine plan levels, the project is also expected to generate significant long-term economic benefits and tax revenues for Québec over its multi-decade operating life.
Troilus CEO Justin Reid said access to reliable, low-carbon hydroelectric power is fundamental to the responsible development of large-scale mining projects in Northern Québec, and the allocation of 70 MW marks a significant step forward as the company continues to advance permitting, engineering, financing and overall project readiness activities.
“As one of Québec’s largest copper-gold development projects, Troilus has the potential to become an important long-term contributor to the province’s economy and critical minerals strategy. We look forward to continuing to build on the strong partnerships that have helped bring the project to this stage,” Reid noted.
Troilus hosted Québec Minister of Economy, Innovation and Energy Bernard Drainville, Québec Minister of Natural Resources and Forests Kateri Jourdain and Ungava National Assembly member Denis Lamothe and Chibougamau Mayor Nichéle Compartino, alongside representatives from power utility Hydro-Québec and the Cree community.
During the visit, Drainville and Jourdain mentioned the role of projects such as Troilus in supporting Québec’s critical minerals strategy, regional economic development priorities and long-term energy transition objectives at a time of growing global demand for copper.
The government visit follows another visit Troilus hosted that included representatives from international finance institutions and export credit agencies, including from Canada, Finland, Germany, Denmark, Sweden, France and the US, as part of ongoing technical, environmental, operational and project financing due diligence associated with Troilus’ $1.2-billion debt financing mandate.
Troilus continues working towards the construction of the 22-year, 50000 t a day openpit mining operation for production to start late in 2029.
