Construction of a cement plant in Ontario has taken a step forward after a consortium led by the cement industry announced it has secured a $1.3-billion loan guarantee.
The project, called the Central Coast Cement Plant, is expected to begin construction in the spring.
The consortium includes Cement Canada, a major player in the Canadian cement industry.
It is one of the biggest in North America and has more than 800 workers.
“We’re really pleased with the support we’ve received from our provincial and federal governments,” said Paul Bouchard, vice-president of operations and operations for the consortium, which is led by Cement Inc. The provincial government also helped to secure the loan.
Construction of the cement plant began in 2016 and will be completed in 2019.
The cement industry is growing at a healthy pace, with cement being used to build roads and bridges.
The construction of the new plant will provide thousands of jobs for the region and will also contribute to a $400-million provincial stimulus fund.
The Central Coast project will take about four years to build.
The province is working on a similar project in Quebec, and a similar one in Ontario is also planned.
The Quebec facility will be the largest cement plant to be built in the province.
“The province has been supportive in the past, and it was always a strong, positive project,” said John Caudron, vice president of construction and financing at Cement.
“It’s going to be a great project for the province, a great asset for Ontario, and for the industry as a whole.”
The company has already secured a construction loan for $8.4-million from the Ontario government.