Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Amec Foster Wheeler announced today that it has signed a Memorandum of Understanding (MOU) with Muskowekwan Resources Ltd (MRL), a wholly-owned operating company of the Muskowekwan First Nations and Encanto Potash Corp.
MRL and Encanto have a joint venture agreement to develop the Muskowekwan Potash Project – the first mining project in Saskatchewan, Canada, on First Nations land.
The MOU sets forth the terms of engagement under which Amec Foster Wheeler aims to provide First Nations members and businesses with opportunities for employment, training, and mentoring during each phase of the project, and is part of the company’s approach to sustainability that includes integrating social, environmental and economic conditions into the company’s values and operations. This includes establishing and maintaining the social license to operate and integrating sustainability goals into the early stages of every project.
Muskowekwan, a Saulteaux (Ojibway) First Nation located approximately 140 km northeast of Regina, will receive a revenue stream through its participation in the project, and will be supported by engineering experts from Amec Foster Wheeler.
“The foundation of the Memorandum of Understanding is based on our strong relationship with the Muskowekwan First Nation community. We are truly honoured to have signed this historic agreement that will help foster a culture of economic independence, ownership, and entrepreneurship amongst First Nations and local communities.”
Duane Gingrich, Senior Vice President, Mining at Amec Foster Wheeler
“We look forward to working with Amec Foster Wheeler on this significant agreement to advance this opportunity. This agreement is a good step towards our goal of generating our own source revenues and providing access to training and employment for our people.”
Reg Bellerose, Muskowekwan Chief and MRL President
“Working with Amec Foster Wheeler since their introduction to Encanto by Chief Bellerose has been an enormous help for the project. The team is always available, detail oriented and very devoted to helping us succeed. This relationship is exemplary of how First Nations business people, engineers, and international corporations work together on building industry to secure the future.”
Stavros Daskos, President and CEO, Encanto Potash Corp.
Amec Foster Wheeler (www.amecfw.com) designs, delivers and maintains strategic and complex assets for its customers across the global energy and related sectors.
Employing around 36,000 people in more than 55 countries and with 2016 revenues of £5.4 billion, the company operates across the oil and gas industry – from production through to refining, processing and distribution of derivative products – and in the mining, power and process, pharma, environment and infrastructure markets.
Amec Foster Wheeler offers full life-cycle services to offshore and onshore oil and gas projects (conventional and unconventional, upstream, midstream and downstream) for greenfield, brownfield and asset support projects, plus leading refining technology.
Resilient World is our sustainability strategy for solving tomorrow’s natural resource challenges together. In a changing world excellence demands new solutions – solutions that are cleaner, more efficient, and built to last. To find these solutions we need problem-solvers. People who are driven every day to find answers to the world’s toughest resource challenges. At Amec Foster Wheeler, our passion for solving these challenges connects us. Together with our customers we’ll find the answers through innovation, ingenuity and expertise. Together we’re building a more Resilient World.
Amec Foster Wheeler shares are publicly traded on the London Stock Exchange and its American Depositary Shares are traded on the New York Stock Exchange. Both trade under the ticker AMFW.
Encanto Potash Corp. is a TSX Venture Exchange listed and traded Canadian resource company engaged in the development of potash properties in the Province of Saskatchewan, Canada, the largest producing potash region in the world. Through a joint venture agreement with Muskowekwan Resources Ltd. on our flagship property, Encanto has a project land package which totals approximately 61,000 largely contiguous acres. A Pre-Feasibility Study dated February 28, 2013 titled “Encanto Potash Corp. Technical Report Summarizing the Preliminary Feasibility Study for the Muskowekwan First Nations Home Reserve Project in South Eastern Saskatchewan, Canada” confirms the Proven and Probable KCI Reserves totaling 162 MMt grading 28% (average) which supports primary and secondary mining for over 50 years at an assumed annual rate extraction rate of 2.8 million tonnes. For additional information about Encanto Potash Corp., please visit the Company’s website at www.encantopotash.com or review the Company’s documents filed on www.sedar.com.
