By paNOW Staff

Consortium of banks and Saskatchewan First Nations to rival BHP Billiton bid

Oct 28, 2010 | 4:27 PM

A consortium that includes merchant banks and five Saskatchewan First Nations is preparing a rival bid for PotashCorp that is expected to top BHP Billiton’s $39 billion offer.

“I’m peeved-off with the way we’ve been treated by BHP Billiton,” explained Beardy’s Okemasis Chief Rick Gamble, who is speaking for the organization called the Indigenous Potash Group.

“We have residual rights to these resources as First Nations people through treaty and we want to make sure our interests are looked after,” Gamble said.

“We have to make a stand and this is what we’re doing, and if I have to stand by myself with the four bands, so be it.”

The Saskatchewan bands on board with the plan are Beardy’s Okemasis, Kawacatoose, Day Star, Gordon, and Little Black Bear First Nations.

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Gamble said more details about the group’s plan will be revealed during a formal announcement next week.

Gamble and his partners are dead set against the BHP Billiton bid. They are even enlisting a Toronto-based law firm to draft a court injunction should the federal government approve the takeover of PotashCorp.