Asbestos News
Workers approve Quebec asbestos mine deal
An international consortium of investors and construction material manufacturers recently made a bid to save the struggling Jeffrey asbestos mine in Quebec, however the transaction couldn't be completed until workers approved the deal.A workers' cooperative at the mine, located in Asbestos, Quebec, owned a 35 percent stake in the operation, according to the Intelligencer. Now, that group has voted to sell their shares to the foreign investment group.
The other 65 percent of the shares belong to Jeffrey mine president Bernard Coulombe, who had been searching for a backer to help with the expansion of the asbestos operation for a while before finding this current group.
"They made me a proposal [in October], I came back to them with a counter proposal and they made a final offer, which I find acceptable," Coulombe told the Montreal Gazette.
Currently the mine is an open-pit operation but with the multimillion investment from the group, it will be expanded underground.
Canada sends much of its asbestos, which causes malignant mesothelioma and asbestosis, to developing countries around the world.
11/1/10
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