Chadha has still not raised the $25 million to open the Jeffrey mine

Thu, Dec 8, 2011


Baljit Singh Chadha and his consortium of anonymous investors have not yet succeeded in signing an agreement to invest $25 million to open up the Jeffrey underground asbestos mine in Asbestos, Quebec.

Bernard Coulombe, president of the Jeffrey mine, says that he is convinced that he can get a financial document signed by the investors before Christmas. Coulombe was in Dubai last week for an important meeting of the members of the consortium. He also met major customers to assure them with regard to supplying them with chrysotile asbestos. Coulombe said that he expects that the Quebec government will make an immediate decision regarding the $58 million loan guarantee immediately after receiving the signed financial document.

The Quebec government has repeatedly extended the deadline for the consortium to come up with its $25 million financing.

Chadha and his consortium made a purchase offer for the Jeffrey mine in October 2010. Their offer was accepted in November 2010. In December last year, the mayor of Asbestos said that he hoped for a Christmas present of the $58 million loan guarantee from the government. A year later, the media state that “Asbestos will not have its present for Christmas”.

Around the world, asbestos victims and health defenders, as well as all the government of Quebec’s Public Health directors, have expressed their deep opposition to this heartless project, which will contribute to suffering and asbestos-related disease and death in developing countries.

Kathleen Ruff, RightOnCanada

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