Released on February 6, 2009
Energy and Resources Minister Bill Boyd is leading an investment mission by mineral exploration companies to Japan and China next week.
Boyd and the Saskatchewan delegation will be in Tokyo, Beijing and Shanghai from February 9 to 21. They will promote Saskatchewan mining opportunities at mineral investment seminars in the three cities and hold separate meetings with Asian companies that have existing investments in the province as well as with firms seriously considering involvement in Saskatchewan mineral exploration projects.
"The robust performance of our mining industry last year is certainly a story we'll be taking to investors in Japan and China," Boyd said. "We have not only rich resources, but also rich opportunities here, in one of the best jurisdictions on the planet for mineral exploration and mining activity."
Saskatchewan's mineral sales for 2008 are expected to surpass the record of $4.6 billion set in 2007. Exploration expenditures are expected to exceed $360 million, another single year record. Over the last three years Asian companies have announced $60 million in intended investments in the province, with advanced negotiations underway on a number of other exploration projects in Saskatchewan.
Among the companies the delegation will meet with are the Tokyo Electric Power Corporation (TEPCO), Overseas Uranium Resources Development Co. Ltd. (OURD), Japan Canada Uranium (JCU), Hitachi, SinoChem, Zhongchuan International Mining and the ZhongRong Group.
"Junior mining companies account for almost 70 per cent of the mineral exploration expenditures in Saskatchewan, and lately the juniors have had challenges in raising capital in now tighter global financial markets," Saskatchewan Mining Association Executive Director Pam Schwann said. "Non-traditional equity markets like Japan and China represent new opportunities for investment capital for these companies, and these are markets that have a strong and natural interest in our commodities. This government-led mission is very timely."
The Minister noted that while the past year was exceptional for Saskatchewan mining, the province was not immune to the current challenges facing the global economy. "That's why missions such as this are so important," Boyd said, "as they profile the excellent business climate we have here and the many opportunities which Saskatchewan and Saskatchewan companies can offer global investors."
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For more information, contact:
Bob Ellis
Energy and Resources
Regina
Phone: (306) 787-1691