Province to Participate in Asian Conference in Support of Mineral Exploration and Investment Opportunities

Officials with the Department of Natural Resources along with six mineral exploration companies operating in Newfoundland and Labrador are in China this week to promote the province’s mineral potential, and opportunities for exploration and investment. The groups are part of a larger Canadian delegation attending the 2011 CHINA MINING Congress and Expo, and the Canadian Mineral Investment forums.

“Participation in the CHINA MINING Congress and Expo, and investment forums, provides a unique opportunity to promote Newfoundland and Labrador as an attractive exploration destination to Chinese and other Asian investors,” said the Honourable Jerome Kennedy, Minister of Natural Resources. “Promotion of our promising mineral potential supports the long-term viability and growth of the industry, while securing foreign direct investment for further exploration and development.”

The CHINA MINING Congress and Expo is Asia’s largest annual mining conference, and attracts close to 5,000 industry and government representatives from 55 countries. The Department of Natural Resources will participate in the trade show, and deliver presentations to delegates on mineral resource investment and development opportunities in Newfoundland and Labrador. Officials will also have the opportunity to participate in the Canadian Mineral Investment Forums in Beijing and Hong Kong. Meetings will be held with China’s National Development and Reform Committee, China’s Ministry of Lands and Resources, and the China Iron and Steel Association. The junior exploration companies, all having investment ready projects in Labrador, will deliver project presentations and participate in formal business meetings that are key components of these forums. Participating companies include Alderon Iron Corporation, Altius Minerals Corporation, Century Iron Mines, Grand River Ironsands, Labrador Iron Mines, and New Millennium Iron Corporation.

“Participation in the conference, and the marketing of our natural resources in China generally represents an essential investment for both industry and government,” said Brian Dalton, President and Chief Executive Officer of Altius Minerals Corporation. “China is the strongest growth market for commodities in the world today and competition for Chinese foreign resource investment is intense. Altius is very appreciative of the opportunity to cooperate with the province on this initiative.”

Exploration and investment activity in Newfoundland and Labrador will ensure industry sustainability, as well as support the development of successful mining projects and valuable employment opportunities. Newfoundland and Labrador produces more than a dozen mineral commodities including iron, nickel, copper, zinc, antimony, gold, and slate. Mineral shipments in 2011 are valued at $4.7 billion, the highest on record for the province, with the forecasted value of exploration expenditures at $155 million.

“This is a wonderful opportunity for companies, especially junior exploration companies, to launch targeted investment attraction programs in Asia to secure investment for emerging and potential exploration projects,” said Minister Kennedy. “Companies will be able to establish contacts and build relationships, while identifying business opportunities that will support the continued growth of the provincial mineral industry.”

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2011 11 07             10:25 a.m.