Val d’Or, January 27, 2010 – In Val-d’Or, the president and chief executive officer of the Solidarity Fund QFL (“Fund”), Yvon Bolduc, demonstrated his steadfast commitment to the mining sector as the Fund, along with the ministère des Finances du Québec, backed by the ministère des Ressources naturelles et de la Faune du Québec, proudly announced that the mandate of Sidex, the Diversification of Exploration Investment Partnership, would be renewed until 2017.
Sidex was created in 2001 by the Solidarity Fund QFL and the Government of Québec as a strategic response to major challenges in the mining industry, more specifically, the need to revive mineral exploration, diversify Québec’s mineral base and open new territories to exploration. To this end, the Québec government and the Fund invested $35 million and $15 million in Sidex.
Sidex is extremely active today, having injected upwards of $49 million in almost 150 exploration projects since its inception. The organization is an industry catalyst that has led to the emergence of several new entrepreneurs, the opening of new regions to exploration, and above all, the discovery of promising mineral deposits. Sidex’s experts have also published studies highlighting Québec’s strong exploration potential in new minerals and metals. As a result, the province has now developed greater expertise in a number of sub-sectors, including diamond exploration.
In light of its success, Sidex must continue its activities. “The flurry of mining activities in Québec shows that the industry is faring well, having received a tremendous boost from the surge in metal prices since 2002. Our exploration activities are now much more diversified and the outlook is quite rosy. Combined with the Québec government’s other initiatives, Sidex are an important industry driver, which is why we felt we had to renew its mandate,” said Québec Finance Minister Raymond Bachand.
“Our mining industry has strong potential and in fact is known as one of the best mining jurisdictions in the world. The industry should begin to feel the effects of the economic and financial recovery in the next few months. Mining companies with quality deposits can therefore count on the Fund to back their growth. With $175 million invested to date in both mineral exploration and production companies, we are proud to boost our role and commitment in this promising industry,” stated the Fund’s president and CEO, Yvon Bolduc.
“The renewal of the Sidex mandate is essential for mineral exploration. Thanks to its effective business model, Sidex has made a huge contribution to the industry’s growth. We are here to back the Sidex team so that it can continue investing in companies that will help Québec diversify its mineral base and encouraging start-ups, which is important because we’re heading towards major succession issues, especially in the mining industry,” added Gaétan Morin, the Fund’s executive vice-president of investments and a member of the Sidex Board of Directors.
“One of the things we did during our initial mandate is help expand Québec’s network of international experts, with the result that the province is now well positioned in this regard. Today Sidex has the necessary capital, expertise and network to promote local mining exploration. During the second mandate, we will continue our efforts to stimulate the renewal and diversification of mineral resources, both of which are essential to Québec’s development in this sector. We are proud of the confidence the government and the Fund have shown in us and will continue our mission to make Sidex an even more powerful lever for Québec,” concluded Sidex general manager Michel Champagne.
About the Solidarity Fund QFL
The Solidarity Fund QFL helps drive our economy. With net assets of $7.0 billion as at November 30, 2009, the Fund is a development capital company that through its RRSP channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and to further Québec's economic growth. The Fund is a partner, either directly or through its network members, in 2,000 companies. It currently has nearly 571,000 shareholders and has helped, on its own or with other financial partners, to create, maintain and protect nearly 143,000 jobs. For more information, visit
www.fondsftq.com .
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Note: The telephone number provided below is for the exclusive use of journalists and other media representatives.
Source:
Josée Lagacé
Senior Advisor, Press Relations and Communications
Solidarity Fund QFL
Telephone: 514 850-4835