Vulcan Materials Company (“Vulcan”), the United State’s largest producer of construction aggregates, purchased Morien’s rights to the Black Point Aggregate Project in Q2 2014 (click here for press release) and is currently permitting the Project for eventual production within the 2018 to 2020 period. Morien received $1 million in payment from Vulcan on signing, and is entitled to receive an additional payment of $800,000 on the successful environmental permitting of the Project, anticipated in Q2 2016. Morien and Vulcan are working jointly towards the successful completion of the Environmental Assessment process. Morien has an industry competitive royalty for the life-of-mine which is expected to continue for over 50 years.
The proposed Black Point Project (“Project”) consists of the development and operation of a construction aggregate quarry and marine terminal in Guysborough County, Nova Scotia. The Project consists of quarry development and aggregate production on an undeveloped, 354 hectare property, along with the construction and operation of a marine terminal adjacent to the quarry in Chedabucto Bay. Processed aggregate will be off-loaded into Panamax size bulk carriers and transported to ports along the eastern and Gulf coast of the United States and potentially to markets in Canada and the Caribbean.
The proposed location is ideally suited due to its proximity to deep water (>14 metre), which is sheltered and ice-free, to enable construction of a deep water marine terminal for aggregate shipment. The Project is anticipated to have capital costs on the order of $80-$110 million and will be a significant employer in Guysborough County throughout the expected 50+ year lifespan of the quarry.
For more information on the Black Point Project, please visit the Black Point Quarry website by clicking here – www.blackpointquarry.ca