Quebec approves $10M equity investment in Orbite Aluminae
On Monday, the Quebec government announced that it will pour a $10-million equity investment into alumina producer Orbite Aluminae Inc, according to The Gazette.
The investment announcement comes after the government has approved a $4-million loan that Orbite will use to secure new equipment for its project in Cap Chat. Quebec will use its financing unit Investissement Quebec to make the $10-million investment, the report detailed.
Creamer Media's Mining Weekly cited Orbite president Glen Kelly saying: "We are honoured to have the government of Quebec as a major shareholder in Orbite and their investment will be used towards the completion of our HPA production facility."
Orbite produces high-quality alumina which is used in the pharmaceutical, nutrition, and other sectors. Unlike other companies, Orbite uses clean technology to produce non-toxic alumina, the report explained.
The other terms of the investment deal are yet to be finalized in the coming weeks, Creamer Media's Mining Weekly reported.