Opportunities in Newfoundland
Newfoundland faces a huge challenge of developing its resource-based
economy while also meeting the new economic realities of the global
market place, including the liberalization of trade, rapid technological
and communications innovations, and increased competitiveness.
Resource-based Opportunities
Mining
The Voisey's Bay nickel discovery in Labrador has focussed the mineral
industries attention on Newfoundland and Labrador. Analyst contend
that this discovery is the tip of the iceberg. Argentia is also
the site of Epoch
Rock Inc., a new, state-of-the-art, $20M six saw, granite stone
cutting operation that will benefit and provide more growth opportunities
to further develop Newfoundland's vast granite quarries.
Oil Development
The completion of the Hibernia development paves the way for future
oil developments such as Terra Nova, White Rose, Trave, and Ben
Nevis. Exploration is expected to increase in the near future.
Natural Gas Development
There are 5 TCF of discovered gas reserves in the Jeanne
d'Arc Basin with potential for 19 TCF. Argentia has provided 640
acres of land for a Natural Gas Industrial Park. Our link with Marquise
Gas Park (www.canadianimperial.com) provides further information.
Diversification Industries
The Newfoundland Government's Strategic Economic Plan identifies
a number of growth industries that take advantage of Newfoundland's
unique strengths and resources, including:
- Petroleum Service Industry
- Ocean/Marine Industries
- Innovative Technology
- Information Industries
- Environmental Industries
- Energy Efficiency and Alternative Energy
- Mining
- Adventure Tourism
- Cultural Industries
With its strategic location on the North Atlantic shipping lanes,
a developed port and ready made infrastructure, Argentia is well
positioned to grow along with these emerging industries and the
Newfoundland economy.
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