A Timmins business is taking the right steps to attract a federal investment, according to Minister of Labour Filomena Tassi.
On a two-day tour of the Timmins area, Tassi stopped by DJB Mining Products and Services to announce a $606,827 repayable contribution from FedNor.
“With this funding the company is purchasing new equipment and making facility improvements to increase its productivity and production capacity. Equipment size and capacity has constrained DJB’s ability to grow and compete for larger contracts. With this investment, Daniel Brunet and his team can respond to increasing demand and set their sights on future growth,” said Tassi.
Located in the west end of Timmins, the company offers custom welding and fabrication services, alignment boring, bucket repairs, and more to the mining industry, and is marking its 10th anniversary.
“The funding program has helped us already with our bandsaw, our loader purchase as well as the ironworker. But also it’s going to be helping us towards the ventilation of our facility and as well as bringing in some more power as we have grown the amount of power capacity that’s feeding our shop,” said Daniel Brunet, DJB Mining president.
Since opening, they’ve grown from five to 30 employees. Brunet said about 15 of those positions have been added in the last couple of years, and they’re looking to increase their work force by another five to 10 people.
After the announcement, Tassi noted the company’s success over the last decade.
“We want to build on that success, we want to invest in companies like that where there’s going to be greater jobs created, where the potential that’s out there can be turned into jobs and Dan has done a fantastic job in that regard,” he said.
“Investments like this are important because it demonstrates that the government is willing to make these investments to grow companies so people see there are opportunities.”
The funding is part of FedNor’s Targeted Manufacturing Initiative for Northern Ontario, which helps companies with less than 500 employees modernize their operations.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
