Elliot Lake to receive $15-million financing

The area surrounding Elliot Lake, Ont., will receive $15 million from the provincial government to help diversify and revitalize its economy after a series of job losses at the community’s uranium mines. The Ontario government says it will provide $13 million for the town to buy accommodations from its two major employers, Denison Mines (TSE) and Rio Algom (TSE), expand the airport, establish a regional detoxification centre and set up a field station for Laurentian University.

The remaining $2 million will be put toward a regional business development fund.

Over the past year, Elliot Lake has been ravaged by mine closures and layoffs. In September, Rio Algom closed its Quirke and Panel mines, affecting 1,700 employees, while Denison has cut its mine staff by 450.