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Abitibi cuts back on annual grant

A substantial slashing in the annual grant Abitibi-Consolidated pays to Grand Falls-Windsor has dealt a huge blow t…

A substantial slashing in the annual grant Abitibi-Consolidated pays to Grand Falls-Windsor has dealt a huge blow to the Newfoundland town.

According to a report by CBC, Abitibi is cutting its annual grant, money it pays instead of taxes, by roughly 40%. Last year, the company paid a total of $805,000 to the town council. This year, the amount is down drastically, at $480,000.

The CBC confirmed mayor Rex Barnes as saying he doesnt know why Abitibi is reducing its grant, or for how long the reduced rate will apply. The council has requested a meeting with the companys management for next week.