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Asbestos News

Canadian asbestos mine likely to receive $58 million loan
It appears likely that Quebec's floundering asbestos industry will get the financial boost it needs to continue its operations. This development comes despite an international outcry about the dangers of the deadly mineral.

There were plans to expand the asbestos mine in the aptly-named Quebec town of Asbestos since 2002, but a lack of funds halted the project, according to the Montreal Gazette. Now it appears that the Quebec Premier, Jean Charest, will save the flagging industry with a $58 million loan.

Asbestos Mayor Hugues Grimard confirmed to the news source that Clement Gignac, the Quebec economic development minister, had promised the town and the Jeffery Mine company a loan under two conditions.

The union must accept a five-year contract and workers must pay 10 percent of their salary into a fund, to be held by the government if the mine is unsuccessful. If the mine avoids failure, workers would get their money back.

Canada is one of the last Western countries to be involved in the asbestos industry. They export a great deal of the deadly mineral to Asia and hope to begin sending it to Africa, as well. Most developed nations have regulated asbestos, as it causes malignant mesothelioma, lung cancer and asbestosis.ADNFCR-3360-ID-19836730-ADNFCR
6/14/10

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