Despite a recent funding snag, the Algoma Mill Works (AMW) proposal is still very much alive, the company reports.
The $100-million wood fibre mill project, which would harvest low- to medium-grade hardwood trees and create 299 jobs, was almost derailed when its equity partner, the Elliot Lake and North Shore Business Development Corp. (ELNOS) said it would commit just $2 million in loans and a further $3 million in equity later toward the project, instead of the $5 million in equity anticipated by AMW.
AMW reportedly needs the $5 million in equity from ELNOS so it can raise private-sector funding from Bay Street financiers so construction on the mill can begin next spring.
In the meantime, both sides have agreed not to negotiate the issue in the media.
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