Ontario-based Aguathuna Mining plans to establish a limestone and dolomite quarry at Aguathuna on the Port au Port Peninsula in Newfoundland.
The company will receive $700,000 from Ottawa’s Fisheries Alternatives Program to develop its Brook Quarry project. It will also receive almost $1.1 million toward interest costs and $5.4 million in loan insurance, which should enable the company to secure bank financing.
The company has obtained a 20-year renewable mining lease from the provincial department of mines and energy. Forecast is the production of 500,000 tons of dolomite and limestone per year. The president of Aguathuna is Daniel Zeraldo of Aurora, Ont.
Current markets for limestone and dolomite include the iron ore industry in Quebec and Labrador, power plants, the pulp and paper industry and the agricultural industry.
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