PORT OF SEPT-ÎLES MULTI-USER MODEL ADOPTED FOR POINTE-NOIRE RELAUNCH

SEPT-ÎLES, April 10, 2017 – The Port of Sept-Îles was delighted with yesterday’s announcement of an agreement between the Government of Québec, Tata Steel Minerals Canada, and Champion Iron Limited subsidiary Minerai de fer Québec Inc. at a press conference at Pointe-Noire. The result will be a limited partnership based on the multi-user model introduced by the Port in 2012 for the construction of the multi-user dock. This innovative financial model involves sharing costs between multiple partners and was a first in Canada for the financing of port infrastructure.

As Société du Plan Nord President and CEO Robert Sauvé explained during the press conference, the structure of the agreement that will apply to Société ferroviaire et portuaire de Pointe-Noire infrastructure will allow for operations and investment cost-sharing going forward, depending on the shipping volume reserved by each partner. It will be based on the multi-user principles developed in the Port’s model and will allow for the arrival of new users.

“The Port would like to acknowledge the Government of Québec’s leadership in implementing this innovative business model that creates a handling terminal that is unique in North America for its composition and multi-user mission,” said Pierre Gagnon, President and Chief Executive Officer of the Port of Sept-Îles.

ABOUT THE PORT OF SEPT-ÎLES

Boasting diverse, state-of-the-art facilities, the Port of Sept-Îles is one of North America’s largest ore-handling ports, with an annual volume of close to 25 million tonnes. The port facilities at Sept-Îles play a vital and strategic role in the economy of Eastern Canada. Annual economic impacts are estimated at nearly $1 billion and almost 4,000 direct and indirect jobs.

Source:
Patsy Keays, Director, Corporate Affairs
Port of Sept-Îles
418-961-1235