The Great Atlantic Salt Project Adds A Major New Dimension To The Newfoundland & Labrador Resource Rush
Why this project is so important for Newfoundland & Labrador
These are exciting times for the Newfoundland and Labrador resource sector. The province is punching above its weight on the Canadian mining scene, ranking 5th in the country for production, and mining activity overall in Newfoundland and Labrador has been rising, despite the pandemic, according to Mining Industry NL.
In addition to an increasingly exciting gold rush in the Central Newfoundland Gold Belt, one that has attracted more than two dozen new companies to the region and many new jobs in the last year or so, there has been a major breakthrough in plans to build North America’s first new underground salt mine in 20 years in the Bay St. George Sub-Basin.
Red Moon Resources’ environmentally friendly Great Atlantic Salt Project hosts a massive homogeneous high-grade salt resource approximately 25 km south of Stephenville within just 5 km of the logistically critical Turf Point deep-sea port. With the current boom in commodities, combined with other catalysts, the “flavour” of Great Atlantic has suddenly become a big hit with investors.
Red Moon has raised over $4 million in recent weeks to launch a Feasibility Study for this project with the aim to build a state-of-the-art “Salt Factory” that can serve the large road de-icing markets in Eastern Canada and the Northeast USA. Notably, North America actually imports millions of tonnes of road salt each year from countries such as Chile, Egypt and Morocco. These shipments over thousands of nautical miles are also contributing to global carbon emissions. Red Moon’s market share will come from those jurisdictions. Exceptionally high-grade salt is also in demand from the chemical industry as salt is used in so many everyday products.
Mr. Rowland Howe, who for many years was General Manager of the world’s largest underground salt mine in Goderich, Ontario, for NYSE-listed Compass Minerals, is now on Patrick Laracy’s Red Moon team, giving this TSX Venture-listed company all the expertise it needs to deliver an exciting new “green” project for our province that leaves behind no toxic tailings. Efficient salt mines are not only safe for the environment, but they’re also known to operate for many decades, providing a very long-term source of jobs, investment, and wealth creation.