As a subsidiary of Investissement Québec, the financial arm of the Québec Government, Ressources Québec is the new gateway for companies seeking to invest in the mining and hydrocarbon industries.
Ressources Québec will provide financial solutions and support for businesses that want to develop large-scale, formative projects that are profitable for Québec, from exploration to mining and resource processing.
Ressources Québec will consolidate the current $236 million in government investments in the mining and hydrocarbon sectors, including the portfolios held by the Société québécoise d'exploration minière (SOQUEM) and the Société québécoise d'initiatives pétrolières (SOQUIP). The government will also contribute up to $250 million in new capitalization for Ressources Québec, with a view to investments in the target sectors.
The IQ subsidiary will also manage the Capital Mines Hydrocarbures fund, which has a budget of $750 million. Announced in the 2012-2013 Budget Speech, the new fund will be devoted to government investments in natural resources. All told, Ressources Québec will manage a portfolio of over $1.2 billion in government investments in the mining and hydrocarbon sectors. It will be headed by Jacques Daoust, who remains president and CEO of the expanded Investissement Québec.