New Drilling Company Up And Running In North Bay
McGuinty Government Supports Mining Services Industry
Ontario is supporting a North Bay company's efforts to provide drilling services and explore new opportunities in mineral exploration.
With the assistance of a $1-million loan from the Northern Ontario Heritage Fund Corporation (NOHFC), Foraco Canada Ltd. is purchasing new diamond drilling equipment and accessories to expand its services to meet future needs. The company provides surface diamond drilling services to mining and mineral exploration companies. It currently employs 100 people.
Foraco International S.A. chose to locate in North Bay to take advantage of the strength of the local mining supply industry and the city's transportation infrastructure, which make it easily accessible to the active mining exploration areas of Northern Ontario and Quebec.
- Provincial funding is provided through the NOHFC’s Enterprises North Job Creation Program.
- Since 2005, the NOHFC has invested nearly $10 million in some 30 private sector projects in the North Bay area.
- The 2009 Ontario budget included a commitment to provide $2 million annually for the next four years for mining and forest product equipment and services companies and sector associations to expand their export capacity and increase sales to international markets.
“I’m pleased that this major international company recognized the many advantages of North Bay as its eastern Canadian base of operation. The jobs that Foraco brings to our community are incredibly important, and the province is delighted to be able to support them with their investment in our area.”
“Ontario’s minerals industry is a resilient and innovative sector that is experienced in getting through lean times and positioning itself for the profitable times we know will come again.”