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March 2010

Ally

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News articles for March 2010.
 

Ally

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Third quarter financial report shows potash costing Saskatchewan government $203.9 million

REGINA — Not only did the Saskatchewan government lose out on potash royalties this year due to slow sales, but the release of the third quarter financial report shows the pink mineral is now also costing the province.

"The potash forecast is now negative," the government said Tuesday.

The potash industry made installment payments to the government a year ago as required based on estimates of calendar year profits.

"These payments were too optimistic and, as a result, these payments have to be refunded," a government news release said.

So instead of taking in $109 million from potash royalties and taxes — as projected at mid-year — the potash forecast is now negative $203.9 million. It`s a huge turnaround from the initial budget projection made last March, when the government anticipated it would get $1.9 billion from potash.

The government said the good news is that increases in oil and tax revenues means revenue at third quarter is forecast to be $153.8 million higher than at mid-year.

Read the full article here.
 

Ally

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Prince Alberta Housing the Harbinger

Prince Albert, the third-largest city in Saskatchewan, has taken a hard economic turn from forestry to bio-fuel and mining: witnessed in the upcoming demolition of the last pulp mill in town. But local businesspeople say the change should - eventually - prove a smart shift for the city of 40,000.

Prince Albert is certainly not easing up on its pro-business hustle.

The average price of a home has doubled in the past five years, building permits are at record levels, a new industrial park has been opened and mining plays are on the horizon.

"We continue to show positive growth," Mayor Jim Scarrow said in his recent state of the city address. "All the financial indicators show 2009 [was] a significant growth year, second only to 2008."

Located 150 kilometres northeast of Saskatoon, the city on the banks of the North Saskatchewan River is a service, retail and distribution centre for northern Saskatchewan`s resource industries - mining, forestry and agriculture.

The Prince Albert & District Association of Realtors had a record sales year in 2009 reporting $164 million in sales versus $157 million in 2008.

Read the full article here.
 
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