Business
Great Atlantic Salt Project to Provide Significant Economic Boost to Newfoundland & Labrador and Canada
ST. JOHN'S NL / ACCESSWIRE / July 23, 2024 / Atlas Salt Inc. ("Atlas Salt" or the "Company") (TSX...
About this update from Atlas Salt Inc
[{"type":"text","content":"Great Atlantic Salt Project to Provide Significant Economic Boost to Newfoundland & Labrador and Canada 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 $4.8 billion boost to provincial GDP over the 34-year Project life will be felt by everyone in Newfoundland and Labrador.\"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 operati...