Mr. Speaker, on February 14, McWatters Mining Inc. announced that it was immediately closing down operations at its Sigma-Lamaque complex for an undetermined period for financial reasons.
This closure will put 120 permanent employees out of work. If McWatters does not get any additional funding, it will not be in a position to resume full operations on a permanent basis.
McWatters is the eighth largest gold producer in Canada, with reserves of 2.4 million ounces of gold and additional resources of 4.6 million.
McWatters is also involved in developing a sizeable portfolio of exploration properties.
If there is a complete shutdown, this will be a hard blow to Val-d'Or and the Abitibi region, with a total of 946 direct and indirect jobs affected if all the permanent employees, subcontractors and service providers are counted in.