Troilus advances financing as Quebec ministers visit proposed mine

International financial institutions and Canadian export credit agencies have begun onsite project evaluation for Troilus Mining’s copper-gold project in northern Quebec, according to the company. The site visits include reviews of ongoing engineering, infrastructure, environmental permitting and development readiness. This due diligence is part of Troilus’ previously announced US$1.2 billion financing package.

Troilus announced this progress in a news release that followed an event at the proposed mine to formally mark its 70‑MW power allocation. The announcement was made by Bernard Drainville, Quebec’s minister of economy, innovation and energy, and Kateri Champagne Jourdain, minister of natural resources and forests. In addition to members of the Quebec government, the occasion drew representatives from Hydro-Québec, members of the Cree community, regional stakeholders and municipal representatives. 

Justin Reid, the chief executive officer at Troilus, said the event was about continuing the company’s relationship with the government and local community. “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,” said Reid.

Troilus said the project will create about 1,000 construction jobs and more than 680 permanent positions in the Eeyou Istchee James Bay region of Quebec.