Business
Fortune Minerals applauds Saskatchewan Government announcement
Fortune Minerals applauds Saskatchewan Government announcement
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\n\nDec. 8, 2009 (Canada NewsWire Group) -- LONDON, ON, Dec. 8 /CNW/ -- Fortune Minerals Limited (TSX-FT) (\"Fortune Minerals\" or the \"Company\") applauds the Government of Saskatchewan's December 3, 2009 announcement of several new tax incentives to attract new business to the province. Fortune Minerals anticipates one of the incentives announced, the introduction of a five-year Corporate Income Tax incentive for corporations that process minerals imported into the province, will directly benefit the Company. Fortune Minerals recently announced the decision to locate its metallurgical process plant for the NICO project in Saskatchewan and, once in production, this tax incentive, if fully enacted into law, has the potential to enhance the economics of processing metal concentrates in Saskatchewan. During the search for a suitable location for a processing facility, the Company received support from Enterprise Saskatchewan and the Saskatoon Regional Economic Development Authority in locating land in Saskatchewan. Fortune Minerals is further encouraged by the Government of Saskatchewan becoming a strong proponent of the project with support and recognition the Company's substantial investment to be made and the positive impact it will have in Saskatchewan and local communities.The following is an excerpt from the news release issued on December 3, 2009 by Enterprise Saskatchewan:Saskatchewan encourages value-added mineral processing------------------------------------------------------The Government of Saskatchewan has announced the introduction of afive-year Corporate Income Tax incentive for corporations that processminerals imported into the province to the prime metal stage, which hasthe potential for a range of positive economic effects.\"Our Government is committed to enhancing Saskatchewan's capacity to addvalue from natural resources,\" Enterprise Saskatchewan Minister KenCheveldayoff said. \"For the province at large, this incentive will meanbeneficial short-term economic activity and significant long-term gain,while an increase in corporate presence will serve to further raise ournational and international presence and impact.\"\"This change will significantly enhance the attractiveness of refiningimported minerals in our province,\" Cheveldayoff said. \"We hope toattract quality, high-paying jobs to Saskatchewan a...