Newfoundland Headed For Major Economic Advances In 1980s

With oil and gas reserves equal to the North Sea, a commercial fishing industry expected to triple in size, huge mineral deposits, and extensive hydro-power potential, "the 1980s will be the decade that belongs to Newfoundland and Labrador," according to a new publication, "Newfoundland Opportunity." The 16-page color publication, issued by the provincial Department of Industrial Development, St. John's, Newfoundland, Canada, welcomes outside investors, saying: "What we need is investment capital, because with just 562,000 people in a province that covers 144,000 square miles, local financial resources are obviously limited." The new publication ticks off these resource-based opportunities : Offshore oil and gas reserves calculated at one-quarter of Canada's potential. Potential for a storage and transshipment terminal at Bell Island in a former iron mine that can hold up to 90 million barrels of oil at one-fifth the cost of conventional tank storage.

With the value of Newfoundland fish landings expected to triple by 1985 to $200 million, along with a fivefold increase in export value, investment opportunities are emerging for secondary processing operations, such as canning, breading, smoking and vacuum packaging.

Mining is already an $846 million industry in Newfoundland, but the surface has already been scratched. There are approximately 2,500 mineral deposits and occurrences, including copper, lead, gold, zinc, silver, gypsum, limestone, cadium, barium, silica, asbestos, pyrophyllite, iron, as well as stone, clay, sand, and gravel.

Hydro-power potential is immense, particularly in the Lower Churchhill River in Labrador, where over $78 million has already been spent toward a hydropower project that will add 1,800 megawatts and cost approximately $2.3 billion when completed.

Newfoundland is rich in forestry lands. Waiting for profitable development are 75 million acres of productive forest land, including enough timber for a sustainable annual cut of 2.6 million cords of softwood and 100,- 000 cords of hardwood. The forestry industry is already sizeable.

In 1978, Newfoundland newsprint exports are expected to be worth $158 million, and the industry as a whole has a $72-million annual payroll.

Investment opportunities await the secondary industry manufacturer.

Currently produced are a number of high technology products— f o o t w e a r , food products, cement, steel products, containers, paints, varnishes, wallboard, chemicals, and boats ranging from small craft to giant trawlers, and oil supply vessels.

For a copy of the new publication, write Dept. DCI-Newfoundland Opportunity, Suite 2100, 733 Third Avenue, New York, N.Y.

10017.

Maritime Reporter Magazine, page 9, Sep 1978

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