Former premiere says now is the time to invest in Labrador

Brian Tobin, the former premiere of Newfoundland and Labrador took to the podium of an Expo Labrador luncheon in Happy Valley-Goose Bay last week.

He wasn't talking politics but told the story of Consolidated Thompson, a mining company at Bloom Lake, on the Labrador-Quebec border.

Following the presentation he talked with those in attendance and reminisced with old friends.

Throughout the entire luncheon his message was clear now is the time for companies to start developing and investing in Labrador.

Using his own company Consolidated Thompson as an example, Mr. Tobin said almost five years ago Consolidated was a small company with a big dream. There was a green site with nothing started, a deposit, some drilling and very few dollars. By taking advantage of opportunities presented to them, the company is now a billion-dollar industry trading on the Toronto Stock Exchange.

"My message to this group is this is Labradors time," Mr. Tobin said. "We've just went out and raised a billion dollars, built a mine, in my view there is nothing stopping two or three others from doing the same thing.

"There is nothing dreamlike in this, the potential for Labrador is unlimited." He said right now the world needs iron ore and if a company waits on developing a site, the window of opportunity may be missed.

He said Labrador is very rich in iron ore so the moment needs to be seized so the window is not missed.

Building a billion-dollar mine allows a company four to five years of lead-time before a site starts producing ore, he said.

"Right now the capital markets will finance the risk a of four to five year lead time on a mine. I don't think that will be the case in two, three, or four years," he said.

Mr. Tobin said he doesn't want companies rushing into developing but he also doesn't want them to take for granted the window of opportunity will always be open.

He said the potential for these future companies once developed will provide this province with benefits on a very large scale such as, jobs in the construction phase and long-term income once up and running. It will also generate revenue for the province.

"These are the projects in which a solid prosperous economy are built, every government in Newfoundland and Labrador works hard to encourage and support resource development beneficial to this province.

Mr. Tobin said he really enjoyed Expo Labrador, he said it's this type of function that really showcases Labrador to future developments and investors.

"It's a very good conference, my hat's off to the organizers, it's a very important place to be," he said.

reporter@thelabradorian.ca