(Carleton) The Board of Directors of Cement McInnis said Tuesday that the CEO of the company, Christian Gagnon, is no longer employed. The announcement comes nearly five weeks after the disclosure of a cost overrun of $ 444 million for the construction of the cement plant of Port-Daniel-Gascons.
An engineer who supervised cement and construction in Canada and Europe, Mr. Gagnon had joined Cement McInnis in 2012, shortly after the debut of the investment conglomerate Beaudier for the project of Port- Daniel.
The Board of Directors of Cement McInnis said in a statement that the management changes aim to “strengthen the management of the current cement project in Port-Daniel and to complete the construction.”
According to the statement of the firm, Ronald Bougie ensure the interim being named executive vice president, engineering, construction and operations. Mr. Bougie recently led the construction of the Stornoway firm, for the development of the Renard mine, an applicant diamond deposit an investment of $ 800 million, north of Lac-Saint-Jean.
The Caisse de depot et placement du Quebec has invested in the Renard mine, as it invests an amount of at least $ 140 million in equity Cement McInnis. In this second case, $ 100 million was announced in January 2014 and 40 million were added in the last month, after the cost overruns had been brought to the attention of the Caisse de dépôt et placement.
Additional investment is not excluded by this organization. The spokesman Cement McInnis, Maryse Tremblay, spoke to the Sun before the announcement of the departure of Christian Gagnon to indicate that “financing solutions [Additional] are coming and we will announce shortly. It is not finalized. I’m very good.”
It was commenting the construction of a cement receiving terminal in the United States (see other text). She said that Cement McInnis would not comment on the departure of Mr. Gagnon other than statement.
The cost overrun of $ 444 million result from errors between the initial estimates of construction costs and their implementation, additions of $ 100 million of equipment to the marine terminal of Port-Daniel and an acceleration of work to respect the start of production schedule or March 2017.
Pending the appointment of a replacement for Christian Gagnon, Ronald Bougie will be assisted by COO, Louis Laporte and Marc Baillargeon, management consultant acting for the Caisse de dépôt et placement.
A first marine terminal in Providence
Cement McInnis Tuesday inaugurated the construction work of its first US distribution terminal in Providence, location of US $ 22 million ($ 29 million) to serve the states of Rhode Island, Massachusetts and Connecticut.
Cement McInnis and its partners are investing $ 1.55 billion in the cement plant in Port-Daniel – Gascons, Gaspésie, an amount including cost overrun of $ 444 million. The Providence terminal is included in the amounts announced so far.
The spokesman Cement McInnis, Maryse Tremblay says that the company will add two other major terminals such as Providence, maybe three, “the United States and Canada”, without giving the locations or number in one or other of the two countries.
“We have two types of terminals, hubs [intersections] for further transshipment to intermodal transport [trucks and wagons] and smaller devices,” she said.
McInnis cement does not indicate where the two or three additional terminals will be located for “competitive reasons”. The storage capacity and the total dedicated terminals remain secret for now, but Maryse Tremblay notes that these details will be announced in an “imminent” horizon.
Management of Cement McInnis had indicated in 2012 that the project depends primarily on the US market. Christian Gagnon has corrected this in 2013 claiming that Béton Provincial, a large cement consumers sourcing in South Korea could become a customer of Cement McInnis.
The project was the focus of controversy for four years, when it became obvious that the Quebec government would not submit to the magnifying glass of public hearings on the Environmental Bureau, and fuel consumption by furnaces the plant will be the largest industrial emitter of greenhouse gas in Quebec.