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Xstrata and City of Timmins reach agreement in transition to lower taxes

Xstrata Copper has reached an agreement with the city of Timmins to help the city with its financial challenges. The tax bill was slightly reduced in 2010 due to the partial closing of the site.
Northern Ontario Business Staff

 

Xstrata Copper has reached an agreement with the city of Timmins to help the city with its financial challenges.

The tax bill was slightly reduced in 2010 due to the partial closing of the site.

With demolition of the buildings underway, Xstrata has agreed to pay $2 million for 2011 taxes.

Demolition of the Met Site is expected to be completed later this year.