Mr. Speaker, the McWatters mining company of Val-d'Or filed its official plan of arrangement to restructure and reorganize its debt, liabilities and capital.
This plan will allow the company to attain long term financial stability. All involved stakeholders will benefit from the plan's implementation.
The company's president, Claire Derome, stated that “For the region of Val-d'Or, this is an exceptional opportunity both for employees and for the community to allow McWatters to gradually recover its role as a major contributor to the local economy. In the coming years, the number of people employed by McWatters will rise from the current level of 157, to more than 320 employees in 2004”.
After reading the plan, I am convinced that with its new partner Soquem, and financial assistance from the governments of Canada and Quebec, McWatters will receive a vote of confidence on January 23, 2002 to resume operations at the Sigma-Lamaque complex in 2002.