First Nations Preparing Rival Bid For PotashCorp

First Nations Preparing Rival Bid For PotashCorp

Friday, October 29, 2010 at 15:41

First Nations within the province heard more yesterday about a plan to put together a rival bid for the Potash Corporation of Saskatchewan.

Beardy’s and Okemasis Chief Rick Gamble discussed the idea at the closing session of the Federation of Saskatchewan Indian Nations’ fall legislative assembly.

The chief told delegates that five bands have talked with financial groups Merchant Bank, Lloyd’s Manhattan and GMP Financier.

Gamble said they had had an especially promising response from Lloyd’s Manhattan, whose president has amassed “a large amount of money” that would enable the bands to rival the takeover bid by BHP Billiton or restructure PotashCorp.

He noted that, under the plan, the bands would end up owning part of the resource.

Gamble said those include his own band, as well as the Little Black Bear, Day Star, Kawacatoose and George Gordon First Nations.

He added he hopes other bands within the potash belt join forces with them.