FedNor's investment will help with the development of innovative explosives technology for use in the mining sector
Anthony Rota, Member of Parliament for Nipissing-Timiskaming, today announced an unconditionally repayable contribution of $809,000 for Nexco Inc. to help with the development and production of new mining explosives technology. The announcement was made on behalf of the Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor.
The funding, provided through FedNor's Regional Economic Growth through Innovation (REGI) program, will allow Nexco Inc. to design and construct a small scale pilot plant to modify explosive grade ammonium nitrate during the manufacturing process to produce a water-resistant ammonium nitrate particle. The pilot plant will help the company demonstrate the advantages and cost savings of their unique ammonium nitrate product over traditional commercial explosives currently available on the market.
In addition, the funding announced today will help with the design and acquisition of the equipment needed for both Nexco's laboratory and demonstration plant, which will be used for ongoing testing of their innovative products. The project is expected to create 37 jobs and, once fully complete, it is anticipated that Nexco would be able to produce enough product to supply 11 percent of the North American market for ammonium nitrate.
Strong economies need strong and growing local businesses. That is why the Government of Canada is proud to be investing in projects like this, which support innovation and technology adoption, while helping a local business scale up and create high-quality jobs in Northern Ontario.
