Updated at 3:14pm:
Compass Minerals has pulled out of the $47 million Goderich Harbour Expansion.
Mayor Kevin Morrison says the town was recently informed by letter that Compass was not interested in moving forward with Phase 2 of the project.
Morrison says the project will go ahead with construction on Phase 2 expected to start this summer and explains they still have $7.1 million in provincial funding as well as $9.5 million from the Port Authority and they have already had interest from potential new partners.
Morrison says there will be a formal news release at tonight's council meeting.
Meanwhile, the External Communications Manager for Compass Minerals says the company pulled out of the Goderich Harbour Expansion project because their share of the cost for Phase 2 was considerably higher than the original quote.
Tara Hart explains the original quote in the expansion agreement was for $18.9 million but the final price was for $26.4 million and Compass Minerals officials felt that was too high. Hart adds they're grateful for all of the dedication from everyone involved in the process to this point and for the improvements to the port infrastructure and breakwalls.
She also points out the company has made considerable investments in the mine and plant to extend the life of the operation and remains committed to the Goderich community.