Timmins Mayor Steve Black returned from a provincial trade mission to China with a signed letter of intent of investment in a basalt project.
A market feasibility study still has to be done, but Jiangsu Tianlong Continuous Basalt Fiber Company’s plans have the potential to bring 60 manufacturing jobs and considerable technical expertise to the city.
A press release issued by the Timmins Economic Development Corporation (TEDC) indicated the dialogue with the Chinese company has been ongoing since the Prospectors and Developers Association of Canada conference last March. The Ministry of Northern Development and Mines, and the Ministry of Citizenship, Immigration and International Trade have also been involved.
The TEDC said the company, which operates a facility in Jiangsu Province, has recognized great potential in the geology of Timmins.
The letter of intent, signed Nov. 13, outlines the two parties’ intent to work together on the feasibility of opening a rock wool insulation facility in Timmins.
Company officials will be visiting in December to conduct site visits and meet with government officials.
“We look forward to welcoming this potential investor to the City of Timmins,” said Black in a statement. “This is another success story which stems from the efforts of the Timmins Economic Development Corporation, City staff, and our provincial partners.”
Analysts project that the basalt fiber market size will grow at double-digit rates between 2015 and 2020 with major growth expected in the Asia-Pacific region from the construction, automotive and wind turbine blades application.
