EN FR

Quebec dumps $300 million into a “thingamajig”

Author: Renaud Brossard 2020/08/24

MONTRÉAL, QC:  The Canadian Taxpayers Federation condemns the Government of Quebec’s decision to put another $300 million in taxpayers’ money in Nemaska Lithium.

“It took less than a week for Economy Minister Pierre Fitzgibbon’s opinion of Nemaska to go from a ‘thingamajig’ to a worthwhile investment,” said CTF Quebec Director Renaud Brossard. “That has to be some kind of Olympic record for a backflip.”

During last week’s budget appropriations hearings, Fitzgibbon said of Nemaska Lithium business plan “It’s a thingamajig.”

Today, Nemaska Lithium approved a takeover plan led by The Pallinghurst Group and Investissement Québec. This proposal would involve a total cost of $300 million for taxpayers, $95 million of which would have to be paid out this fall.

Two years ago, then premier Philippe Couillard’s government had bought $80 million worth in equity in the company. Last January, Fitzgibbon estimated this stake was worth no more than $13 million.

“Taxpayers have already lost millions on Nemaska,” said Brossard. “How many more millions will we have to lose before Fitzgibbon says enough is enough?”

-30-


A Note for our Readers:

Is Canada Off Track?

Canada has problems. You see them at gas station. You see them at the grocery store. You see them on your taxes.

Is anyone listening to you to find out where you think Canada’s off track and what you think we could do to make things better?

You can tell us what you think by filling out the survey


Join now to get the Taxpayer newsletter


You deserve to know the real story about what happens to your tax dollars. We expose funny and infuriating stories about governments wasting money on stupid things. And we hold politicians accountable because taxpayers deserve transparency.

You can get the inside scoop right from my notebook each week so you can hold politicians accountable for hilarious and infuriating stories the media usually misses. You can sign up for the Taxpayer Update Newsletter now.
— Franco Terrazzano, Federal Director

Looks good!
Please enter a valid email address

We take data security and privacy seriously. Your information will be kept safe.

<