Author Archives: prosperitysaskatchewan
Why pipelines matter to SK: $320 million in missed royalties plus billions in capital spending per year!
The difference between what western Canada is getting for our oil and could be getting, is; vast, caused by pipeline constraints, and is costing Saskatchewan $320 million in missed royalties per year and reasonably $-billions in capital spending per year.
WTI crude is trading at $65 US per barrel today, while Western Canada Select (WCS) is trading at $35 (see charts below). WTI is the often quoted price in the news and is largely the USA price – however, most Canadian crude is priced as WCS. Brent crude is generally the price of oil shipped by tankers around the world – Brent is at $68 per barrel today.
WCS prices at a discount to WTI because it is a lower quality crude and because of a transportation differential. The price of WCS is currently set at the U.S. Gulf Coast. It costs approximately $10 per barrel for a barrel of crude to be transported from Alberta (the major hubs) to the U.S. Gulf Coast, accounting for at least $10 per barrel of the WTI-WCS discount.
So of the current $30 differential we can account for $10 – but what about the other $20 differential?
Pipeline constraints have caused the transportation differential to rise significantly – see the CBC story below. Heavy discounts on our crudes were attributed to crudes being “landlocked” in the U.S. Midwest due to pipeline constraints.
So, what does this cost Saskatchewan?
That is unclear, but, from the Government of Saskatchewan 2017/18 budget, “a US$1 per barrel change in the fiscal-year average WTI oil price, results in an estimated $16 million change in oil royalties.”
How the WTI/WCS pricing factors into this formula is not readily apparent, but let’s take a stab at it.
Using something I call CRAP math – which is cumulative resultant arithmetic pontification – or “back of the napkin” type of calculations – the $20 differential (from above of $30 – $10) at $16 million per barrel impact is logically approaching $320-million in missed oil royalties to the Province of Saskatchewan – every year!
More importantly, if the price we received for our oil was 57% higher – from $35/barrel up to $55/barrel ($65 WTI less $10 for shipping) – more wells would be drilled and more oil produced. This would cause significant job increases and local spending in Saskatchewan. The economic impact measure of this is best represented by the last oil boom, with; the dramatic increase in housing values in Estevan and Weyburn over the past several years, demands for employees sky-rocketing, car-sales taking-off, etc.
And, with more oil being produced, royalties when them climb again due to a production increase being added to the price increase.
What is holding all of this back – a lack of pipelines!
WTI Pricing – $US – for the past year
Western Canada Select (WCS) Crude Pricing – $US – for the past year
Brent Crude Pricing – $US – for the past year
Pipeline bottlenecks push Canadian oil price to deepest discount in 4 years
Canadian oil selling for just $30 a barrel, even as West Texas Intermediate nears twice that price
By Pete Evans, CBC News Posted: Dec 13, 2017 2:34 PM ET Last Updated: Dec 13, 2017 3:19 PM ET
The price gap between the price of Canada’s oil benchmark versus its U.S. equivalent, West Texas Intermediate, has widened to its biggest difference in almost four years, with Canadian crude now selling at a $25 discount.
The heavy oil coming out of Alberta’s oilsands is known Western Canada Select. It usually trades at a discount to the better known U.S. benchmark, West Texas Intermediate, in part because it is more difficult to process.
But this week, the gap expanded to more than $25 US a barrel, due to transport bottlenecks on pipelines and by rail.
Most Canadian oil is shipped down to refineries on the U.S. Gulf Coast to be refined into usable products like gasoline, diesel and jet fuel. That means Canadian producers have to compete with U.S. shale oil companies, who also sell to those same refineries and don’t have nearly the same level of transportation headaches to deal with.
TransCanada’s Keystone pipeline was shut for several weeks after a spill last month, and rival Enbridge said this week it plans to ration its capacity on a key oil pipeline between Edmonton and Wisconsin by one fifth this month.
At the same time, shipments of crude by rail are inching higher, but are still lower than they were several years ago.
The transportation bottlenecks are putting the squeeze on Canadian oil. “We have a lot of oil in the oilsands,” said Conor Bill, managing director of Mount Auburn Capital Corp., “and the problem is there aren’t a lot of ways to get that crude out of the area where it’s produced.”
The supply imbalance is especially vexing considering the price of WTI has been on a run lately, ever since an OPEC deal last month to maintain production cuts. The WTI price is up by 33 per cent since June, and a barrel of U.S. oil was changing hands at $56.81 on Wednesday.
Contrast that with a barrel of Western Canada Select, which can be had for just $31.72 US on Wednesday. That’s a gap of $25 a barrel — the widest seen since 2013, before the price of oil collapsed.
“Producers with access to international markets are earning higher receipts,” said Shane Thomson, a foreign exchange trader with Cambridge Global Solutions. “The Canadian economy is not seeing the full benefit of the increase in global prices.”
Instead of higher prices, Canadian producers are having to cut their prices to get their product to market. “You need to cut the price in order to incur the costs to ship it out of there,” Bill told the CBC’s On The Money on Tuesday.
The price gap could stick around a while longer, since transportation issues show no signs of easing any time soon.
“It will continue,” Bill said.
What’s Behind Canada’s Oil Driller Exodus?
By Tsvetana Paraskova – Jan 31, 2018, 12:00 PM CST
Canadian drillers are moving rigs south to the U.S. to seize more profitable opportunities. But it’s not just the bright prospects of the Permian that is attracting Canadian companies—moving south of the border has more to do with favorable tax rates and more takeaway capacity and market access opportunities than there is in Canada.
Last week, Calgary-based AKITA Drilling said it would be expanding in the Permian and has contracted a rig with a major U.S. operator that has a significant presence in the Permian. AKITA Drilling has redeployed the rig from the Western Canadian natural gas basin, where it faced limited opportunities to work, the company said.
Another Calgary-based firm, Trinidad Drilling, said on Monday that it would be moving eight rigs to the Permian to meet increased customer demand, redeploying idle rigs from its existing global operations with weaker demand, including Canada.
Trinidad Drilling’s CEO Brent Conway told The Canadian Press in an interview that he would rather avoid the move if he could find profitable drilling work in Canada. The rigs moved to the U.S. would be crewed by U.S. workers, as Canadian crews likely won’t move with the rigs, the manager added.
“What’s happening in the U.S.? They’re lowering taxes, they’re building pipelines and they’re starting to export oil,” Conway told The Canadian Press, adding that in Canada, taxes have been raised, pipelines are not getting built, and there isn’t much regulatory certainty.
His sentiment is shared by AKITA’s chief executive Karl Ruud, who said that the U.S. offers more attractive prospects with more favorable tax rates and regulatory system.
Last November, the Canadian Association of Oilwell Drilling Contractors (CAODC) said in its 2018 Drilling Forecast that it expected Canadian wells drilled this year to number 6,138, up by just 107 from 2017.
“One of the Canadian oil and gas industry’s biggest hurdles continues to be lack of market access and regulatory stability,” CAODC said.
“Market access and a predictable regulatory environment are the most significant factors in creating an environment that will allow our industry to deliver stronger results in the coming years,” CAODC President Mark Scholz said back then.
Speaking to The Canadian Press, Scholz said on Tuesday that the lack of market access continued to be one of the biggest obstacles to Canadian producers to get their barrels to market at higher prices. Western Canadian Select (WCS) is currently trailing WTI prices by a discount of more than $30 a barrel.
By Tsvetana Paraskova for Oilprice.com
Exploration agreement aims to help junior mining companies in northern Sask. and Man.
Future of Creighton, Sask.’s main industry ‘up in the air,’ according to longtime Mayor Bruce Fidler
By Bridget Yard, CBC News Posted: Jan 31, 2018 6:00 PM CT Last Updated: Jan 31, 2018 6:00 PM CT
An agreement between the Saskatchewan and federal governments worth approximately $2 million will aim to help junior mining companies in their exploration of northern Saskatchewan and Manitoba.
The agreement was signed in December 2017.
The future of the mining camps near Creighton, Sask., which is approximately 430 kilometres northeast of Saskatoon, is “up in the air,” according to the town’s mayor.
“The forecast put out a year ago by Hudbay [Minerals] was that the 777 mine, the one in operation right now where they’re producing ore, is going to run out and shut down in three or four years,” said Bruce Fidler.
He estimates a shutdown would affect roughly 700 employees, who live for the most part in Creighton and Flin Flon, Man.
A processing plant in Flin Flon is still in operation, processing ore from a mine in Snow Lake.
“We’ve been hoping for some kind of program to come out for a couple years now, to assist the juniors in getting out there and doing exploration and drilling and finding another ore body that could save, or at least be, the next mine,” said Filder.
The agreement will fund an airborne survey of the Flin Flon and Creighton region, which is a well-known, “highly prospective” area.
Three mines are already in operation in the region. The 777 mine, near Flin Flon, mines zinc and copper, and smaller amounts of gold and silver. The Lalor mine in the Chisel Basin produces the same minerals.
Nearby Reed mine produces copper. Hudbay owns the majority of each mine.
“The challenge is actually identifying the deposits. This survey is going to be taking place and trying to see through rocks that actually cover the old volcanic rocks in Flin Flon you can see on the ground,” said University of Saskatchewan geology professor Kevin Ansdell.
While there are many kinds of geophysical surveys, the new agreement focuses on two, using both a helicopter and an airplane.
“The helicopter is flying over a piece of land and it’s emitting an electromagnetic current at low level,” said the head geologist on the project, Gary Delaney.
“That goes down into the ground and if there’s a conductive body, that will generate its own current.”
The conductive body could be indicative of a copper or zinc deposit.
Process will take years
Once a deposit is found, it is up to the mining companies to invest, explore further, and decide if a mine is economically viable.
Fidler hopes a new mine can be set up before the others dry up, in order to keep the existing zinc metallurgical plant and concentrator operating.
The town’s efforts have concentrated on economic development in recent months, to prepare for the loss of the mining sector. Creighton, Flin Flon, and Denare Beach have banded together to create a regional economic development committee.
A new economic development officer has been hired, and will start their role Feb. 1.
Download Deloitte’s full “Tracking the Trends” HERE
These are top-10 global mining trends expected for 2018
The most important one? Transitioning towards a “digital mine”
In the last 10 years, the mining industry has been on a roller-coaster, with commodity prices reaching both historic highs and lows, as well as operational realities shifting irrevocably in the face of a digital revolution. And companies better fasten their seat belts because those rapid changes are likely to continue and even accelerate this year, a study released by Deloitte on Wednesday says.
Phil Hopwood, Global Mining Leader at Deloitte and author of “Tracking the Trends” annual mining report, now in its 10th edition, told MINING.com that as several commodities appear to be at the onset of a bull run for the next 10 years, the sector will have to continue its transition to the digital mine of the future and anticipate future disruptors, including declining ore body grades, decreasing availability of tier one assets, and continued focus on shareholder returns.
Turning disruption into opportunity requires a long-term view capable of assessing how emerging market trends may affect the demand for specific commodities.
But turning disruption into opportunity requires a long-term view capable of assessing how emerging market trends may affect the demand for specific commodities, he says.
“Looking back just 20 years, it’d have been hard to believe that nickel, lithium, cobalt and graphite would be an affordable way to power batteries,” says Hopwood. “Today that is the reality and a potential growth opportunity, particularly with the emergence of electric vehicles.”
Asked whether the impressive gains in commodity and equity prices around the world in the lithium, cobalt and other “battery-making” metals sectors are a trend or just investment hype, Hopwood is quick to note that most new commodities result in an initial “plug”.
“There is no doubt excitement around those commodities. They are the key ingredients in batteries — and energy sources of the future – but I don’t think the hype around needing better quality nickel is ‘hype’ at all; it’s integral. Laterite nickel pig iron (NPI) is simply not as good as nickel sulfide for use in batteries; but of course it’s the cheaper option. The problem is, you can’t substitute for good quality nickel and expect quality results,” he says.
The same goes for lithium, Hopwood adds. “The bottom line is that what we need to focus on is the fundamentals and ask more pressing questions, like how to get the resources out of the ground effectively to meet supply.”
To thrive in the mining industry’s historical boom and bust cycle and capitalize on new opportunities, he says, companies must rethink the traditional mining model.
“I see mining really making changes in terms of adopting digital technology and innovative thinking – though still at an early stage for some.”
He notes that some big names in the industry, such as BHP, are really focusing on diversity and inclusion in the workplace. As revealed in Deloitte Canada’s recent report on Inclusion – inclusive companies deliver better financial results.
Mining companies are also moving to being more visible and transparent in their reporting, Hopwood says.
“They are out there talking about the work they do with communities and their commitments. They are publishing papers and trying to improve their reputation(s) by publishing POVs and reports on where the industry should be heading. They now understand that they have a responsibility to play an integral role in the “image” of mining,” he notes.
While there is still more that can be done, the expert believes the wheels are in motion and that the industry is moving in the right direction.
Download Deloitte’s full “Tracking the Trends” HERE
Keystone XL Pipeline Gets Enough Shipper Pledges to Proceed
By Meenal Vamburkar and Kevin Orland
January 18, 2018, 7:18 AM CST Updated on January 18, 2018, 10:46 AM CST
TransCanada Corp. has enough customer interest to go forward with the Keystone XL oil pipeline, if the company decides to build it.
The Calgary-based company now has “approximately 500,000 barrels per day of firm, 20-year commitments,” according to a statement on Thursday. The pipeline operator will continue to secure additional volumes.
The announcement marks yet another hurdle overcome for the project, first proposed in 2008. In November, TransCanada received state approval in Nebraska to construct the conduit there along an alternate route, a decision that may spur added legal action by foes who say the new path hasn’t received the same review as the original plan.
“We view the firm commitments as positive for the project,” David Galison, an analyst at Cannacord Genuity Corp., said in a note. “However, the project still has many hurdles to overcome in order for construction to begin.”
TransCanada hasn’t yet officially green-lighted the project and is still working toward a final investment decision, spokesman Terry Cunha said in an emailed statement. The company said in its statement it is working with landowners along the new path to obtain the necessary easements. Construction preparation has begun, with primary work potentially coming in 2019.
Keystone XL would be a victory for Canadian oil sands producers who are facing transportation bottlenecks getting their crude to market. The pipeline would ship 830,000 barrels of crude a day from Hardisty, Alberta, through Montana and South Dakota to Nebraska, where it would connect to TransCanada’s existing Keystone system that carries crude to the U.S. Gulf Coast hub of refineries and export terminals.
“Over the last 12 months, the Keystone XL project has achieved several milestones that move us significantly closer to constructing this critical energy infrastructure for North America,” Russ Girling, TransCanada’s chief executive officer, said in the statement.
Keystone XL drew fierce opposition from environmentalists concerned about climate change and landowners along the path in Nebraska. Former President Barack Obama rejected TransCanada’s application in 2015, saying that it wasn’t in the national interest. That decision was reversed by the Trump administration.
TransCanada shares were little changed on Thursday’s news, down 0.2 percent to C$59.71 at 11:28 a.m. in Toronto. The stock eked out a 1.1 percent gain in 2017.
— With assistance by Debarati Roy
Saskatchewan sees golden potential for precious metals mining and more
JOEL SCHLESINGER, POSTMEDIA CONTENT WORKS
Published on: January 8, 2018 | Last Updated: January 8, 2018 1:52 PM PST
The Santoy gold deposit at the Seabee Gold Operation in northern Saskatchewan attracted Vancouver-based mining company SSR Mining, which purchased the operation in 2016.
SSR Mining may be a Vancouver-headquartered company, but lately its attention has been firmly focused on a large stretch of land in the middle of the wilderness in northern Saskatchewan.
That’s because the mid-tier mining company with two other operations in Nevada and Argentina sees a golden opportunity in the prairie province — literally.
Its recent purchase of Saskatchewan’s only gold mining operation speaks to SSR Mining’s confidence of what lies beneath the Land of Living Skies.
The company acquired Claude Resources, and with this the Seabee Gold Operation, for approximately C$337 million, the largest single investment in precious metal mining in the province’s history.
“The previous company had operated the Seabee mine for about 25 years,” says SSR Mining’s president and chief executive officer Paul Benson. “The first 23 years were quite routine, mining lower grade deposits.”
But then exploration efforts uncovered a nearby deposit of much higher quality gold ore, and that caught the attention of SSR Mining, prompting the friendly takeover.
Today, the company is mining the higher-grade Santoy deposit, just a short trucking distance from the original Seabee mine and mill complex.
“By far the majority of the gold is in the Santoy deposit,” he says, adding the operation currently has total mineral resources of over one million ounces of gold.
Saskatchewan is a heavyweight in the mining world. Being the No. 1 producer of potash globally and No. 2 for uranium, the province has a long history of mining innovation while providing highly skilled people adept at extracting minerals from the earth.
Yet the province has largely flown under the radar when it comes to base and precious metals and other valuable minerals, including diamonds. That, however, is changing rapidly as exploration and mining companies turn their attention to the province’s bounty underground, especially after SSR Mining made its big splash last year.
“We believe we have significant unrealized potential for other mineral commodities such as base and precious metals and also diamonds,” says Gary Delaney, chief geologist at the Ministry of the Economy for the Government of Saskatchewan.
That’s in large part why the province has devoted considerable resources to help interested mining firms explore its potential.
Efforts include scanning millions of pages of historic industry technical reports and maps, as well as geoscience publications prepared by the provincial government, over several decades. All of this information is available through the government’s recently launched Mining and Petroleum GeoAtlas: “A one-stop shop to get all the technical geological information for the industry,” says Delaney.
It’s this kind of support that exploration and mining firms find helpful when looking for investment opportunities.
“Rather than reinvent the wheel, companies want to build on existing data and these resources provide an important foundation.”
“With precious metals, there have been several past gold mines in what’s known as the La Ronge Gold Belt,” Delaney says, although their size and scale have been modest by today’s standards.
Moreover, SSR Mining’s Seabee operation has produced more than 1.3 million ounces of gold since it was founded in 1991.
A little farther east, at the border with Manitoba, the Creighton/Flin Flon area hosts some of Canada’s richest deposits of base metals — copper and zinc — which also contain significant concentrations of gold and/or silver.
“The largest of those ore bodies, the Flin Flon mine, which straddled the border of Saskatchewan and Manitoba, not only had significant base metal, but the Saskatchewan part of the deposit contained about 3.6 million ounces of gold,” Delaney says.
In fact, the first gold discovery in the province occurred just southwest of Creighton in 1916 near Amisk Lake. The potential bounty in the ground, however, doesn’t just include precious and base metals.
Potentially rich deposits of diamonds near Prince Albert in central Saskatchewan have attracted interest from large mining multinationals.
However, the region generating the most buzz these days has been in and around the Seabee and Santoy mines.
“It’s not just the million ounces in resources we’ve identified so far,” Benson says.
SSR Mining has teamed up with another company, Eagle Plains Resources, to explore the 34,000-hectare Fisher project south of its Santoy property.
Should their efforts bear fruit, they will benefit from an incentive program previously put in place by the province to reduce the cost of development, by offering a 10-year royalty holiday on new base and precious metal mines.
Delaney says activity thus far is merely scratching the surface (pun intended).
“We’re frequently going to places like China, actively promoting investment opportunities here,” Delaney says.
“That’s because we feel we have significant unrealized potential in base and precious metals, and we would love to see that potential realized someday soon.”
Vale closes sale of fertilizer business to Mosaic for $1.4 billion – includes Kronau project in Saskatchewan
Vale closes sale of fertilizer business to Mosaic for $1.4 billion
Jan 9, 2018
The sale of its fertilizer business to Mosaic is part of Vale’s strategy to cut debt and focus on its core businesses. (Image courtesy of Vale SA.)
Brazil’s Vale (NYSE:VALE), the world’s largest iron ore and nickel miner, has officially closed the sale of its fertilizer business to US-based Mosaic Co. (NYSE:MOS), the No.1 producer of phosphate fertilizer, in a deal worth about $1.4 billion, considerably less than the $2.5bn originally estimated.
The transaction, part of Vale’s strategy to cut debt and focus on its core businesses, excludes the TIPLAM port, located in Brazil’s south-eastern Santos city and which was originally included in the deal. The Minnesota-based company, however, has been granted the right to use that terminal.
Back in December 2016, when the deal was first announced, Mosaic had agreed to pay the highest amount for Vale’s stake in Peru’s Bayovar mine, the firm’s Kronau potash project in Canada and most of its phosphate assets in Brazil, including the terminal, but excluding the nitrogen and phosphate assets in Cubatão, which will be bought by Norwegian chemical company Yara for $255 million.
The sale ends Vale’s supremacy on the phosphate market in Brazil, which in turn is the planet’s fifth-biggest user of fertilizer.
Star-Orion South Diamond Project – Sonic Overburden Drilling Completed
Stock Symbol: SGF: TSX
SASKATOON, Jan. 8, 2017 /CNW/ – George H. Read, P. Geo., Senior Vice President Exploration and Development of Shore Gold Inc. (“Shore” or the “Company”) is pleased to announce that Shore and Rio Tinto Exploration Canada Inc. (“RTEC”) have completed a Sonic overburden drilling program, consisting of ten holes and some 1,205.5 metres of drilling (Table 1), on the Star Kimberlite. This geotechnical investigation of the overburden was completed, in close proximity (1.5 metres) to the core drilling, by Boart Longyear Inc., utilizing a Sonic drill rig. Detailed geotechnical logging of the core collected by the Sonic rig has been completed by Clifton Associates Ltd. The ten hole locations are in close proximity (10 to 15 metres) to previously collected underground bulk samples and past 48 inch large diameter drill (“LDD”) holes and include areas of significant intersections (80 – 110 metres) of the Early Joli Fou (“EJF”) Kimberlite, the principal economic unit of the Indicated Resources previously estimated by Shore for the Star Kimberlite in December 2015.
Table 1: Summary of Sonic Overburden Drilling
|Hole ID||Hole Depth (m)|
Senior Vice President Exploration and Development, George Read, states: “This Sonic drilling investigation of the overburden above the kimberlite is an important precursor to a proposed mini-bulk sample drilling program scheduled to commence in 2018. The Sonic drill hole locations are in close proximity to the core holes, which will act as pilot holes for the upcoming program.”
The Star-Orion South Diamond Project is located in central Saskatchewan some 60 kilometres east of the city of Prince Albert. The Project is in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development. The Technical Report on the Revised Resource Estimate for the Star – Orion South Diamond Project dated November 9, 2015 provided an updated Mineral Resource Estimate for the Star and Orion South kimberlite deposits: Indicated Mineral Resources of 393 million tonnes containing 55.4 million carats of diamonds at a weighted average price of US$210 per carat. In addition to the Indicated Mineral Resource Estimate, the Star and Orion South Kimberlites include Inferred Resources containing 11.5 million carats. Shore has granted RTEC an option to earn up to a 60% interest in the Fort à la Corne mineral properties (including the Project) on the terms and conditions contained in the Option Agreement (see SGF News Release dated June 23, 2017). Completion of the proposed 2018 sampling program (First Option) does not entitle RTEC to an interest in the Fort à la Corne mineral properties (including the Project).
All technical information in this press release has been prepared under the supervision of George Read, Senior Vice-President of Exploration and Development, Professional Geoscientist in the Provinces of Saskatchewan and British Columbia, and Mark Shimell, Project Manager, Professional Geoscientist in the Province of Saskatchewan, who are the Company’s “Qualified Persons” under the definition of NI 43-101.
Shore is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Company trade on the TSX Exchange under the trading symbol “SGF”.
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements as defined by certain securities laws, including the “safe harbour” provisions of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook. In particular, statements regarding Shore’s future operations, future exploration and development activities or other development plans constitute forward-looking statements. By their nature, statements referring to mineral reserves, mineral resources or TFFE constitute forward-looking statements.
Forward-looking statements in this press release include, but are not limited to statements with respect to the geotechnical investigations and Shore and RTEC’s objectives for the ensuing year, including the proposed 2018 sampling program.
These forward-looking statements are based on Shore’s current beliefs as well as assumptions made by and information currently available to it and involve inherent risks and uncertainties, both general and specific.
Risks exist that forward-looking statements will not be achieved due to a number of factors including, but not limited to, developments in world diamond markets, changes in diamond prices, risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar, changes in exploration, development or mining plans due to exploration results and changing budget priorities of Shore or its joint venture partners, the effects of competition in the markets in which Shore operates, the impact of changes in the laws and regulations regulating mining exploration, development, closure, judicial or regulatory judgments and legal proceedings, operational and infrastructure risks and the additional risks described in Shore’s most recently filed Annual Information Form, annual and interim MD&A. Shore’s anticipation of and success in managing the foregoing risks could cause actual results to differ materially from what is anticipated in such forward-looking statements.
Although management considers the assumptions contained in forward-looking statements to be reasonable based on information currently available to it, those assumptions may prove to be incorrect. When making decisions with respect to Shore, investors and others should not place undue reliance on these statements and should carefully consider the foregoing factors and other uncertainties and potential events. Unless required by applicable securities law, Shore does not undertake to update any forward-looking statement that is made herein.
SOURCE Shore Gold Inc.
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224 – 4th Avenue SouthSuite 300 Suite 300, Saskatoon, SK, S7K 5M5, Canada
A DECADE OF SOLID JOB GROWTH AND STRONG GROWTH IN DECEMBER
December’s job numbers show Saskatchewan had the second highest percentage employment growth rate among the provinces between 2007 and 2017 and added 5,000 jobs in December, starting the year from a position of strength.
There have been 62,700 jobs created over the last decade in Saskatchewan, a 12.4 per cent increase, well above the national rate of 9.8 per cent.
Among the provinces, Saskatchewan had the fifth lowest annual average unemployment rate in 2017 at 6.3 per cent. Nationally, the annual average unemployment rate was 6.3 per cent.
There was an average of 567,600 people employed in 2017, 900 fewer than in 2016.
“There are more than 60,000 more jobs today in Saskatchewan than there were 10 years ago,” Premier Brad Wall said. “This has been a period of exceptional growth for our province, driven by businesses large and small. Thanks to their efforts, there are more opportunities for Saskatchewan people to build a career and contribute to our community. With our population continuing to grow, we are beginning a second decade of growth. For Saskatchewan, the best is yet to come.”
Other 2017 highlights include:
- Major year-over-year gains were reported for trade, up 3,800; manufacturing, up 2,300; and professional, scientific and technical services, up 2,100 compared to 2016.
- Youth unemployment rate was 11.8 per cent, fourth lowest among the provinces.
On a month-over-month basis, there was an increase of 5,000 jobs (seasonally adjusted) between November 2017 and December 2017. December 2017’s unemployment rate was 6.4 per cent, down from 6.6 per cent in December 2016.
For more information, contact: