Aluminerie Alouette plans to invest up to C$1.5 billion ($1.1 billion) to modernise its facilities in northern Quebec, Canada, Bloomberg reported Wednesday.
The company has reached a new electricity supply agreement with Hydro-Quebec, the Quebec government-owned power utility, according to Bloomberg, citing sources familiar with the matter who requested anonymity.
In February, the smelter said its shareholders were prepared to invest $1 billion in the Sept-Iles facilities in the coming years.
“Securing the long-term supply of electricity to the smelter, whose contract expires in 2029, is an essential element in the realization of these investments,” the company said in February this year.
Aluminerie Alouette is an aluminium manufacturing company based in Sept-Îles, Quebec, Canada, on the North Shore of the Gulf of St. Lawrence.