Two mining companies in the area have been awarded contracts under stream three of the Industrial Electricity Incentive program. Alamos Gold and St. Andrew Goldfield will be a part of the program, which essentially gives businesses a discount on their electricity rates.
Minister of Energy, Bob Chiarelli, was in Timmins yesterday to make the announcement. He says ensuring industry have access to reliable and affordable energy is a priority for the Wynne Liberals. Through this program, he says Alamos is saving energy and money. He says it means cheaper power, and reduced energy costs.
Alamos Gold is eligible for the discounted rates because of their expansion. The company is going to be expanding their output to 8,000 tonnes a day, while creating 75 new jobs in the Timmins area. General Manager of Alamos, Luc Guimond, says their annual budget is $265-million, and electricity is their second highest expense after labour. He calls the IEI program a welcome benefit for the company, which allows for the expansion.
Of the 25 companies that applied for IEI Stream 3 support, 15 offers were accepted.