Anaconda Mining Receives More Than $2 Million Investment for Innovation
Federal and provincial governments invest in technology to improve productivity
June 16, 2017 – Baie Verte, NL – Atlantic Canada Opportunities Agency
An innovative approach to mining narrow vein type deposits will enable Anaconda Mining Inc. to maintain jobs at its Baie Verte Peninsula operation and create opportunities for local suppliers in the region. Anaconda Mining Inc. is partnering with Memorial University to develop the technology to mine these deposits in a more cost-effective manner.
Seamus O’Regan, Member of Parliament for St. John’s South-Mount Pearl, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), today announced more than $1.5 million for the project. The Honourable Cathy Bennett, provincial Minister of Finance, on behalf of the Honourable Christopher Mitchelmore, provincial Minister of Tourism, Culture, Industry and Innovation announced a provincial government investment of more than $520,000 for the initiative through the Research & Development Corporation.
This funding will help the company to develop, prototype and optimize a new excavation system to access narrow vein type deposits that could not be mined cost-effectively with existing technologies. The company is a major employer on the Baie Verte Peninsula and this project is expected to result in significant economic benefits for the region. Anaconda intends to apply this technology at the Point Rousse Project and the recently acquired Goldboro property in Nova Scotia.
The investment from ACOA is provided through the Atlantic Innovation Fund, which encourages partnerships among private sector firms, universities, colleges and other research institutions to develop and commercialize new or improved products and services.
Canada’s Innovation and Skills Plan aims to make this country a global centre for innovation—one that creates jobs, drives growth across all industries and improves the lives of all Canadians. Investments in these projects demonstrate the Government of Canada’s new approach to economic development through innovation.
Over the next five years, all six regional development agencies across Canada, including ACOA, will invest a total of $1.5 billion to strengthen innovation capacity and economic growth in each region. Part of these investments will go towards supporting projects such as those announced today, that are adopting new technologies to boost innovation capacity and competitiveness.
“Innovation helps strengthen and grow the middle class and opens up more possibilities for improving quality of life through new employment and economic opportunities. Through our Innovation and Skills Plan, the Government of Canada is focussed on investing in innovative ideas and processes such as the technology being developed by Anaconda Mining to increase productivity in the mining industry.”
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA
“Anaconda Mining is an important part of the mining industry in our province, especially for those who live and work on the Baie Verte Peninsula. The Government of Canada recognizes the value of investing in companies like this one, which are developing new technologies to support employment and other economic benefits in this region.”
Scott Simms, Member of Parliament for Coast of Bays-Central-Notre Dame
“The mining industry is a strong economic driver in rural Newfoundland and Labrador. Through this R&D investment in new narrow vein mining methods, our government is demonstrating a continued commitment to advancing technical solutions that will benefit the industry and contribute to economic growth in the Baie Verte region.”
The Honourable Christopher Mitchelmore, Minister of Tourism, Culture, Industry and Innovation and Minister Responsible for the Research & Development Corporation
“This project fits with Anaconda’s objectives of optimizing mineral resources and maintaining sustainable employment at the Point Rousse Project in the Baie Verte region. Anaconda has many narrow vein hosted gold zones within our property boundaries that are not economic with today’s mining methods. We hope to leverage our culture of innovation, in partnership with Memorial University to ultimately adapt and create technology that will position Anaconda and this province as global leaders in narrow vein mining.”
Allan Cramm, VP Innovation & Development, Anaconda Mining Inc.
ACOA is investing $1,564,300 in conditionally repayable funding from the Atlantic Innovation Fund (AIF). The RDC is investing $521,433. Total project costs are $3.8 million.
ACOA’s innovation programming, which includes the Atlantic Innovation Fund (AIF) and the Business Development Program (BDP), is designed to help bring to market new products, technologies and services that will improve the competitiveness and productivity of the Atlantic economy.
In 2016, the Government of Canada, through ACOA’s AIF, invested more than $35 million in 16 innovation and R&D projects in the Atlantic region.
RDC is a provincial Crown Corporation established to strengthen the focus, quantity, quality, and relevance of R&D for the long-term economic benefit of Newfoundland and Labrador. In 2016-17, RDC invested over $15.9 million in 128 academic and business R&D projects.
Media Relations Manager
Tourism, Culture, Industry and Innovation
Marketing and Communications Specialist
Research & Development Corporation
VP, Public Relations
Anaconda Mining Inc.
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