Penashue will not confirm loan-guarantee announcement coming

Andrew Robinson
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Peter Penashue

The province’s cabinet representative in Ottawa is aware the word is out on an announcement scheduled for Friday morning in St. John’s involving the federal Minister of Natural Resources, but he would not confirm that it will offer details on a loan guarantee for the $6.2 billion Muskrat Falls project.

“I know the word is out that there will be an announcement tomorrow, but all I will say is stay tuned and we will do what we need to do tomorrow,” said Labrador MP Peter Penashue, who was in St. John’s today to announce a multi-million dollar investment in the provincial agriculture sector.

Federal Minister of Natural Resources Joe Oliver is set to make an announcement at Atlantic Place in St. John’s Friday where it is expected he will provide details on a loan guarantee from the federal government to fund the Muskrat Falls hydroelectric project.

Provincial Minister of Natural Resources Shawn Skinner, who was also on hand with Penashue at the Atlantic Cool Climate Crop Research Centre, said he could not confirm or deny an announcement will be made on Friday.

Prime Minister Stephen Harper said Newfoundland and Labrador would receive a loan guarantee or equivalent funds at a campaign stop in St. John’s during the spring federal election. A loan guarantee was not included in the most recent federal budget, though government’s commitment to the project was reaffirmed in the June 3 Speech from the Throne.

Organizations: Atlantic Cool Climate Crop Research Centre

Geographic location: Ottawa, Newfoundland and Labrador

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Recent comments

  • Mike Mcfae
    August 18, 2011 - 16:27

    maybe this is just good could be possible. No need to whine all the time SQTBA

  • Greg Knott
    August 18, 2011 - 12:37

    Are there any more details surrounding the multi-million dollar investment in the agriculture sector?

  • Some questions to be answered
    August 18, 2011 - 12:35

    What is the Haste for Ottawa to present this Loan Guarantee in Writing. I never saw so much haste in my life to see a deal get encumbered. I hope this doesn't mean that our people and our province will be stuck with a deal that appears to be very risky after computing the information from the Muskrat Falls Contract that has been shared with us. Is it because this deal is so good for Nova Scotia and New Brunswick and other parts of Canada, because, again, Newfoundlanders and Labradorians will be on the hook to pay off this big Project, while other parts of Canada will prosper? Is the Loan Guarantee the extent of what we will receive from the Harper Government over the next 4 years? Every natural resource that has been developed in this country had to be developed so that the other provinces could prosper. Why wasn't the complete Federal Maritime Rescue Center placed in the province of Newfoundland and Labrador, where it should be because of the extent of the waters in NL's jurisdiction, instead of the Federal Maritime Rescue Sub-Center being taken away and added to Nova Scotia. As far as I am concerned I can see the MacKay footprints all over this deal. What an unfair country our Newfoundlanders and Labradorians are ensnared in!