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Tembec pulls the plug on Gaspesia

Tembec CEO Frank Dottori announced the company’s withdrawal from the Gaspsia project.Originally estimated at $50…

Tembec CEO Frank Dottori announced the company’s withdrawal from the Gaspsia project.Originally estimated at $500 million, projected costs of the Gaspsia coated-paper mill project inflated to $765 million.Three partners were financing the project — SGF (25%-partner); the Quebec Federation of Labour’s Solidarity Fund, which contributed 50%; and Tembec, which kicked in 25%.Dozens of small- and medium-sized Quebec companies, together owed $45 million, are asking the provincial government for payment for work already completed on the aborted project.