June 22, 2022 · Wabush, Newfoundland and Labrador · Atlantic Canada Opportunities Agency (ACOA)
A key part of Canada's economic recovery is supporting businesses as they adapt, grow and recover from the COVID-19 pandemic. Small and medium-sized businesses and the organizations that support them represent the backbone of regional economies. They generate well-paying jobs and are a source of pride for their communities. To do so, businesses and entrepreneurs need a strong foundation, built on technological innovation, inclusivity, and clean growth to create the workforce of the future.
Federal investment supports business growth
Today, Yvonne Jones, Member of Parliament for Labrador, announced a repayable investment of $3.3 million through the Jobs and Growth Fund (JGF) for Tacora Resources Inc. to improve productivity and create more jobs at its iron ore processing plant in Wabush. The announcement was made on behalf of the Honourable Ginette Petitpas Taylor, Minister of Official Languages and Minister responsible for ACOA.
Tacora Resources Inc. is adding two new Manganese Reduction Circuit (MRC) process lines - advanced technology equipment to improve processing and increase efficiency. The equipment uses separation processing technology to remove manganese and silica, resulting in a higher grade iron ore. High quality iron ore can benefit the environment by reducing steel plant emissions when it is used in 'green steel' production. Tacora Resources Inc. is contributing $6.2 million towards the initiative.
Launched in July 2021, the Jobs and Growth Fund (JGF) provides $700 million over three years to Canada's regional development agencies to support a regional response and stimulate economic recovery following the COVID-19 crisis by investing in projects that will help to create jobs. Through the JGF, the Government of Canada aims to support the transition to a green economy, foster an inclusive recovery, enhance competitiveness, and create jobs in every corner of the country.
