A non-binding Memorandum of Understanding (MOU) commits the parties to work collaboratively on a plan for future ore-handling, yard setup, lay-down and ship loading facilities at the Port of Saguenay to support the future requirements of the Mont Sorcier iron and vanadium project.
The parties will then work towards completion of a more definitive agreement on specific details such as a land lease agreement, operational costs for ship loading and other costs related to ship berthing, and other activities related to the Project's development timeline.
The signing of the MOU follows the August 12, 2021 announcement by the Port of Saguenay of a planned C$33 million (US$25.5 million) investment by the Federal Government of Canada and a C$33 million investment by the Provincial Government of Quebec towards the development of infrastructure at the Port of Saguenay.
The funds are to be used for the construction of a multi-user conveyor system to connect the industrial zone and railway installations to the maritime terminal for ship loading/unloading. Construction is expected to take approximately 2.5 years.
Cliff Hale-Sanders, CEO of Vanadium One Iron, stated, "We are extremely pleased to be signing this MOU with the Port of Saguenay which greatly enhances the ongoing development of the Mont Sorcier project. We see the recent investment commitment by both the Federal and Provincial governments in the port infrastructure as showing the strong regional assistance to support the development of new projects. The Company believes it will significantly boost the development of the Mont Sorcier project in the future."