August 15, 1996
(Industry, Trade and Technology)

Power Slate Enterprises receives EDGE status

Charles J. Furey, Minister of Industry, Trade and Technology, announced today that Power Slate Enterprises is the latest company to be designated eligible for incentives under the Economic Diversification and Growth Enterprises (EDGE) legislation.

Power Slate Enterprises is the fourth company from the mining sector to be given EDGE status. The company plans to develop the slate deposit at Keels on the Bonavista Peninsula. The Keels' deposit has been estimated as one of the largest in North America. A major factor in the marketability of slate is the availability of a variety of colours. The Keels' deposit contains all colours except black.

Slate is a fine grained rock that possesses the ability to split into thin plates which allows the product to be used for roofing and flooring. Currently 600,000 of the 650,000 tonnes of slate produced annually world wide is being used for roofing. The company intends to concentrate its efforts on producing slate for roofing to take advantage of the huge market. They also intend to use the by-products from the manufacturing of roofing for flooring, flagging and rock retaining. The mine will employ 17 people within the first three years of operation and will market its product in the United States and Europe.

"The high quality of the available raw material combined with the incentives from EDGE will greatly assist Power Slate Enterprises," says Furey. "EDGE is designed to create a favourable business environment that enables companies to compete and win in today's international marketplace."

Power Slate Enterprises represents the 32nd company proceeding with implementation of their business plan under the EDGE program since the legislation was passed in January 1995. There has been a combined investment in the provincial economy of over $71 million. By 1999, it is estimated that there will be 1,000 new jobs in the province as a direct result of the EDGE program.

Companies designated with EDGE status are eligible for tax holidays, start up incentives, Crown land for a nominal fee and access to a facilitator who will help obtain the required permits and licences associated with start up or expansion.

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