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Rio Tinto Alcan to increase its contribution to the Regional Aluminium Transformation Fund
Edited by : AL CIRCLE
2 min read
Rio Tinto Alcan is increasing its contribution to the Saguenay-Lac-Saint-Jean Regional Aluminium Transformation Fund by 275,000 dollars.
The Fund aims to stimulate and strengthen competitiveness among regional aluminium transformation companies. The Rio Tinto Alcan contribution now totals $1,275,000.
'In 2010, when FRTA-02 was launched, Rio Tinto Alcan wanted to add a support tool to further support the growth of regional companies, to foster investment in Saguenay-Lac-Saint-Jean, and decrease the financial risk of companies wanting to acquire new aluminium transformation production equipment,' declared Etienne Jacques, Chief Operating Officer at Rio Tinto Alcan Primary Metal North America. Mr. Jacques continued: 'It goes without saying that the objective has been reached, and we are pleased to add another 275,000 dollars to the initial investment.'
The regional aluminium transformation fund aims to improve the technological capacity of regional companies wanting to further their growth or implement new activities.
Hugues Lajoie, Director of the Rio Tinto Alcan North America Regional Economic Development Office added: 'This announcement underlines Rio Tinto Alcan's commitment to support aluminium transformation. It also demonstrates that the Regional Economic Development Office is pursuing its mission to help reinforce the local economy by fostering diversification and sustainable economic development.'
Since its inception, FRTA-02 has been administered by the Association des Centres locaux de development du Saguenay-Lac-Saint-Jean (association of regional economic growth offices), which has the necessary resources to manage this type of fund across the entire region while keeping management fees to a minimum.
In two years, the Fund has provided financial leverage to fourteen companies, thus complementing the existing institutional and government tools. These businesses, wich are well reputed in their respective sectors, comprise an important part of the regional aluminium transformation cluster that continues to grow.
The Fund aims to stimulate and strengthen competitiveness among regional aluminium transformation companies. The Rio Tinto Alcan contribution now totals $1,275,000.
'In 2010, when FRTA-02 was launched, Rio Tinto Alcan wanted to add a support tool to further support the growth of regional companies, to foster investment in Saguenay-Lac-Saint-Jean, and decrease the financial risk of companies wanting to acquire new aluminium transformation production equipment,' declared Etienne Jacques, Chief Operating Officer at Rio Tinto Alcan Primary Metal North America. Mr. Jacques continued: 'It goes without saying that the objective has been reached, and we are pleased to add another 275,000 dollars to the initial investment.'
The regional aluminium transformation fund aims to improve the technological capacity of regional companies wanting to further their growth or implement new activities.
Hugues Lajoie, Director of the Rio Tinto Alcan North America Regional Economic Development Office added: 'This announcement underlines Rio Tinto Alcan's commitment to support aluminium transformation. It also demonstrates that the Regional Economic Development Office is pursuing its mission to help reinforce the local economy by fostering diversification and sustainable economic development.'
Since its inception, FRTA-02 has been administered by the Association des Centres locaux de development du Saguenay-Lac-Saint-Jean (association of regional economic growth offices), which has the necessary resources to manage this type of fund across the entire region while keeping management fees to a minimum.
In two years, the Fund has provided financial leverage to fourteen companies, thus complementing the existing institutional and government tools. These businesses, wich are well reputed in their respective sectors, comprise an important part of the regional aluminium transformation cluster that continues to grow.
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