Athabasca communities seize investment opportunity: strategically situated on the main road into the Athabasca Basin--the world's pre-eminent uranium exploration target--Points North Freight Forwarding Inc. is as busy as uranium's spot price is strong. And now the company has a new partner.In May, 50 per cent of Points North Freight Forwarding Inc. was purchased by the Athabasca Basin The Athabasca Basin is a region of Northern Saskatchewan and Alberta Canada that is best known as the world's leading source of uranium. It currently supplies about 30% of the world's uranium. The basin is located just to the south of Lake Athabasca. Development Limited Partnership (ABDLP), which is owned by the communities of Uranium City Uranium City, town, NW Sask., Canada, on Lake Athabasca near the Northwest Territories line. A large uranium-mining area from the 1950s, the closure of its mines in 1982 has led to economic collapse. , Camsell Portage Portage (1, 2 pôr`təj; 3 pôr`tĭj). 1 Town (1990 pop. 29,060), Porter co., NW Ind., a suburb of Gary, on Lake Michigan; inc. 1959. , Fond du Lac Fond du Lac (fŏn` də lăk', –jə–), city (1990 pop. 37,757), seat of Fond du Lac co., E central Wis., in a resort region at the south end of Lake Winnebago; inc. 1852. , Stony Rapids, Black Lake, Wollaston Lake Wollaston Lake, 796 sq mi (2,062 sq km), NE Sask., Canada, NW of Reindeer Lake. It drains into both the Churchill and the Mackenzie river systems. Wollaston Lake Lake, northeastern Saskatchewan, Canada. , and Hatchet hatchet: see tomahawk. Lake. "This investment is another way in which Athabasca communities can benefit from the increasing economic activity in the region," says Edwin Boneleye, ABDLP board member. The bustling hub of Points North Freight handles everything from transporting freight by road and air, to supplying fuel, accommodation and meals, and a variety of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. to northern communities, mining exploration companies, fishing lodges, and tourists. Freight and delivery services are handled through interline in·ter·line 1 tr.v. in·ter·lined, in·ter·lin·ing, in·ter·lines To insert between printed or written lines. in arrangements with Ridsdale Transport, Sand Road Express, Transwest Air, and Pronto Airways. The adjacent 6,000 foot airstrip, partly owned by Points North Freight Forwarding, is used by the two airlines, as well as by AREVA Resources' (formerly Cogema Resources) McClean Lake mine McClean Lake mine is a uranium mine located west of Wollaston Lake about 700 kilometres north of Saskatoon in the Athabasca Basin region of Saskatchewan, Canada. The McClean ore body was discovered in 1979, followed by the discovery of the JEB ore body in 1982. . [ILLUSTRATION OMITTED] "We fully expect the investment to be profitable over the long-term," says Geoff Gay, General Manager for ABDLP. "Points North provides essential services, and we also plan to capitalize on new opportunities. The McClean Lake, Rabbit Lake and Cigar Lake uranium mines surround Points North, plus the nearby Midwest mine is being planned. Who knows the full potential considering all the exploration taking place?" "There has been more exploration undertaken in the Athabasca Basin in the past year than at any time in the past 20 years," says Charles Roy, Director of Advanced Exploration at Cameco Corporation, and Chairman of the Exploration Section of the Saskatchewan Mining Association. "We haven't seen this much activity since the late 1970s and early 1980s. Hopefully, more jobs will be created and Aboriginal People from nearby communities will play a bigger role in the industry." Points Athabasca Contracting Ltd. (75 per cent owned by ABDLP) has already tapped into that job potential with a recently signed contract to supply the Cigar Lake mine with high-strength concrete tunnel liners. Used to reinforce underground tunnels for mining safety, the liners built at Points North will be the first major manufacturing operation developed in northern Saskatchewan to serve the uranium industry. The value of the 15-year contract is estimated at $40 million. While Gay expresses confidence in the current management at Points North, the long-term goal is to grow the company and more fully exploit opportunities to benefit the communities, whether they be in mining exploration, freight, or tourism. Two local community representatives will sit on the Points North board, and over time, more Athabasca area residents will be employed at the facility. While the initial investment is 50 per cent, ABDLP has an option to purchase more shares. Most important, according to Gay, is the company's long-term viability. "Our investment assures that the necessary services Points North provides to the Athabasca region will be here for years to come." |
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