An $809,000 federal loan is helping a North Bay company design and build a plant to modify explosive-grade ammonium nitrate.
“I’m excited that FedNor is supporting our revolutionary mining explosives technology,” says John Burrows, President of Nexco Inc. “The funding is helping us scale-up and innovate, and will help us bring to market a greener and more cost-effective solution for blasting in the mining industry. We’re proud to be investing in our community here in Northern Ontario and making a difference in the mining explosives industry.”
37 jobs are expected to be created by the funding which was announced by Anthony Rota, Member of Parliament for Nipissing–Timiskaming.
“[Friday’s] investment will ensure the region’s continued excellence in the mining industry by supporting innovation in North Bay and across northeastern Ontario,” says Rota. “I’m looking forward to following Nexco’s progress over the coming years as they work to build their business and create good, sustainable employment right here in Nipissing-Timiskaming.”
The money will also help with the design and acquisition of the equipment needed for both Nexco’s laboratory and demonstration plant, which will be used for ongoing testing of their innovative products.
Once fully complete, it is anticipated that Nexco would be able to produce enough product to supply 11 percent of the North American market for ammonium nitrate.