Canadian Mining Journal

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GOLD DEVELOPMENT: Canadian Malartic mine pumps $193.5 million into regional economy

QUEBEC — Montreal-based Osisko Mining Corp. says spending at the Canadian Malartic mine development will...



QUEBEC — Montreal-based Osisko Mining Corp. says spending at the Canadian Malartic mine development will pump $193.5 million into the regional economy of northern Quebec. About $17.2 million (9%) has been spent in the Malartic community, $98.4 million in the Abitibi-Temiskaming region, and $38.4 million elsewhere in the province so far this year.

 

Osisko employs 120 people at the project, and paid them $10.7 million over the first nine months of this year.

 

The company has also awarded the following major contracts for Canadian Malartic:

 

Aggregates Rouyn-Noranda (Rouyn-Noranda)

           Drilling, Excavation and transportation, $1.5 million

ASDR Manufacturing (Malartic)

           Manufacture and assembly of steel, $500,000

Construction Promec (Rouyn-Noranda)

           Installation of the 120-kV electrical station, $1.5 million

Fournier et Fils (Val d’Or)

           Road, sewer and water pipeline construction, $3.0 million

J&R Dumas (Malartic)

           Installation of fuel handling facilities, $500,000

Domco Inc. (Malartic)

           Supply HDPE pipe and gravel, $4.0 million

Manseau & Perron (Rouyn-Noranda)

           Supply and installation of heating and ventilation systems, $6.3 million

Marcel Baril (Rouyn-Noranda)

           Supply all control values for the plant, $2.3 million

Meglab Electronics (Malartic and Val d’Or)

           Assembly of the electric power modules for the shovel, $930,000

Moreau Electric (Rouyn-Noranda)

           Build 20 new homes in Malartic, $4.0 million

Rematech (Amos)

           Supply and install rubber mill liners, $350,000

 

Osisko announced on Nov. 18, 2009, that it has received $241.0 million from the exercise of warrants which expired the previous day.

 

More information on the Canadian Malartic development is available at www.Osisko.com.