VOISEY’S BAY, Nfld. — A stormy six-year Voisey’s Bay courtship was culminated by Newfoundland/Labrador Premier Roger Grimes and Inco chairman Scott Hand with a framework deal on the way.
Hand says the deal is an "$11-billion shot in the arm" for the province that’s how much it will boost the province’s gross domestic product.
He also says it has "more stop lights" than Canada’s longest street – Toronto’s Yonge Street – meaning the province had extracted a tough deal.
Under the tentative deal, Inco can ship 440,000 tonnes of concentrated ore to Thompson, Man., and Sudbury, Ont., but must ship an equivalent amount of ore back to the province for processing before Voisey’s Bay mining operations cease.
"There are so many gains and so many wins and so many positives in this. It’s a great day today," says Grimes.
The $2.9-billion, 30-year project promises to create more than 2,000 jobs in Labrador and Argentia, most of them long-term.
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