Biggest contributor pulls out of Goderich harbour project
It's a major blow to a planned multi-million dollar expansion of Goderich’s harbour.
The largest contributor to the $47-million project has backed down.
Compass Minerals, which runs the Sifto Salt mine, says rising costs mean that their initial planned investment of $19 million could turn out to be over $26.6 million.
They add that kind of money no longer makes sense, so the mining company has pulled out of the project.
While the news is dissapointing, Goderich Mayor Kevin Morrison says the wharf expansion will proceed.
Roughly $14 million has already been spent on Phase 1, fixing the breakwall and other improvements.
There is still $10 million available, so construction on the project will start in earnest this summer.
Still to be done in Phase 2: Create two spots for ships to dock, infilling 15 acres of lake. But that will likely be scaled back to three acres begin with.
Morrison says they will actively look for other partners to fill the funding gap, and they’ve already had some interest from prospective investors.