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 – Strength in the energy and base metal stocks lifted Canada’s main stock index higher in late-morning trading, while U.S. stock markets also climbed higher.
The S&P/TSX composite index was up 78.80 points at 23,973.51.
In New York, the Dow Jones industrial average was up 89.81 points at 42,214.46. The S&P 500 index was up 2.55 points at 5,721.12, while the Nasdaq composite was up 21.24 points at 17,995.51.
The Canadian dollar traded for 74.24 cents US compared with 74.02 cents US on Monday.
The November crude oil contract was up US$1.06 at US$71.43 per barrel and the November natural gas contract was down two cents at US$2.83 per mmBTU.
The December gold contract was up US$18.10 at US$2,670.60 an ounce and the December copper contract was up 15 cents at US$4.49 a pound.
This report by The Canadian Press was first published Sept. 24, 2024.
TORONTO – Canada’s main stock index was essentially unchanged Friday, while U.S. markets were mixed to end the week, with the Dow ekeing out a new record high.
The S&P/TSX composite index closed up 1.28 points at 23,867.55.
In New York, the Dow Jones industrial average was up 38.17 points at 42,063.36. The S&P 500 index was down 11.09 points at 5,702.55, while the Nasdaq composite was down 65.66 points at 17,948.32.
The Canadian dollar traded for 73.72 cents UScompared with 73.73 cents US on Thursday.
The November crude oil contract was down 16 cents at US$71 per barrel and the November natural gas contract was up 12 cents at US$2.72 per mmBTU.
The December gold contract was up US$31.60 at US$2,646.20 an ounceand the December copper contract was down a penny at US$4.34 a pound.
This report by The Canadian Press was first published Sept. 20, 2024.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
