Great Atlantic Salt Project to Provide Significant Economic Boost to Newfoundland & Labrador and Canada
Rhea-AI Summary
Atlas Salt Inc. (TSXV:SALT)(OTCQB:REMRF) has announced the results of an Economic Impact Report for its Great Atlantic Salt Project in Newfoundland & Labrador (NL), Canada. The report, prepared by Jupia Consultants Inc., highlights significant economic benefits over the project's 34-year life, including:
- A $4.8 billion boost to NL's GDP
- $2.5 billion in employment income for NL
- A $1.9 billion increase in annual household spending in NL
- $90 million in tax revenue for NL municipal governments
- $1.7 billion and $953 million in contributions to the NL and federal governments, respectively
The project is described as a generational investment in southwestern Newfoundland, creating hundreds of high-paying jobs and supporting local businesses. Atlas Salt aims to establish a long-term sustainable business, with the report confirming the project's significant potential impact on the region.
Positive
- Project expected to boost Newfoundland and Labrador's GDP by $4.8 billion over 34 years
- Anticipated to contribute $2.5 billion in employment income in NL
- Projected to increase annual household spending in NL by $1.9 billion
- Estimated to generate $90 million in tax revenue for NL municipal governments
- Expected to contribute $1.7 billion to NL government and $953 million to federal government
Negative
- None.
News Market Reaction – REMRF
On the day this news was published, REMRF gained 5.92%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
ST. JOHN'S NL / ACCESSWIRE / July 23, 2024 / Atlas Salt Inc. ("Atlas Salt" or the "Company") (TSXV:SALT)(OTCQB:REMRF) is pleased to announce the results of an Economic Impact Report and Model (the "Report") for its Great Atlantic Salt Project (the "Project") prepared by Jupia Consultants Inc. ("Jupia").
The Report concludes that, combining both capital and operational expenditures, the entire Project will have significant direct, indirect and induced effects on the regional and Provincial economies over the life of the Project, including the following highlights[1]:
Boosting Newfoundland and Labrador ("NL") GDP by
$4.8 billion ;Contributing
$2.5 billion in employment income in NL;Boosting annual household spending in NL by
$1.9 billion ;Contributing
$90 million in tax revenue to municipal governments in NL; andContributing
$1.7 billion to the NL government and$953 million to the federal government in Canada.
David Campbell, President, Jupia Consultants Inc., remarked: "The Great Atlantic Salt Project, represents a generational investment in southwestern Newfoundland, bringing substantial economic benefits and sustaining hundreds of high-paying jobs and associated economic benefits in the province on an annual basis over at least a three-decade period. The
Rick LaBelle, CEO, commented: "Atlas Salt is committed to creating a long-term sustainable business and the Jupia report confirms our belief in just how significant the Great Atlantic Salt Project can be to the region around St. George's and beyond. The Project will not only boost mining investment in Newfoundland and Labrador, but establish a high quality, generational employer creating hundreds of high quality jobs and supporting new and existing companies in the region."
The Report provides a detailed economic impact model that considers direct and indirect as well as induced economic impacts within the province and across the country. The Project represents one of the largest private sector investments in recent history in southwestern Newfoundland. The following table shows the combined cumulative economic impacts of the capital and operational expenditure phases, along with an estimate of the economic impacts of spending provincial tax revenues on public services.
The Report details the strategic impact Atlas Salt's Project will have on the NL economy, and will help support the Company's strategic discussions with various parties, including potential sources of financing, allowing the Company to advance the Project's construction and unlocking shareholder value.
For further information and ongoing updates, please visit https://atlassalt.com/. A copy of the Jupia Consultants Inc. Report will be available for download on Atlas Salt's website.
About Jupia Consultants Inc.
Jupia Consultants Inc. is a full service economic development planning and consulting firm based in Moncton, New Brunswick. Jupia works with governments, communities, not-for-profit organizations and industries across Canada and in the United States. Core strengths include economic impact analysis, workforce development, population growth, return on taxpayer investment (ROTI) analysis, sector development and investment attraction. Jupia has worked on projects in more than 100 communities over nearly 20 years. https://www.jupia.ca/.
About Atlas Salt Inc.
Atlas Salt Inc. is developing Canada's next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.
For information, please contact:
Richard LaBelle, CEO
investors@atlassalt.com
(709) 739-9545
We seek safe harbor.
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things: completion, delivery and timing of project components and requirements, and analysis and assumptions related thereto. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of required permits, supply arrangements and financing. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
[1] In real dollars (
SOURCE: Atlas Salt
View the original press release on accesswire.com