Federal Government Signs Memorandum of Agreement with the Province on Lower Churchill Loan Guarantee

The federal government has signed a Memorandum of Agreement with the province which will see a loan guarantee for the Lower Churchill project.

Minister of Intergovernmental Affairs and MP for Labrador, Peter Penashue, along with the Federal Minster of Natural Resources, Joe Oliver, joined provincial ministers for the signing in St. John’s on Friday morning.

A press release from the provincial Department of Natural resources states that the loan guarantee will extend to both the construction and post-construction periods of the project.

The federal government must now finalize the details of the loan guarantee.

The project is estimated to create 18,000 person years of employment.

7,500 hours are estimated to occur here in Labrador.

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