WHITECAP DAKOTA FIRST NATION, Sask. — A group of Saskatchewan First Nations is stepping into the international fray over the Potash Corp. of Saskatchewan — with a bid of their own.

The First Nations are collaborating with merchant banks, pension funds and Chinese investors to prepare a multibillion-dollar competing bid for the Potash Corp. — which is currently the target of a $38.6-billion U.S. hostile takeover attempt by BHP Billiton.

A flurry of meetings has taken place in the past week between provincial ministers, First Nations leaders, potential investors and Potash Corp. officials, according to Indigenous Potash Group spokesman Rick Gamble.

"We cannot be left out. We are moving on this," said Gamble, chief of the Beardy's and Okemasis First Nation. "This is exciting stuff. We're ready to go."

Gamble and the province's other chiefs were gathered Wednesday at the Whitecap Dakota First Nation, 40 kilometres south of Saskatoon for the Federation of Saskatchewan Indian Nations assembly.

The province's First Nations are demanding the federal government halt the takeover of the world's biggest potash producer by BHP Billiton.

Potash is a mineral salt high in potassium, mined for use in agricultural fertilizers.

A submission is being made by the Federation of Saskatchewan Indians to Investment Canada, the federal body that approves or rejects such takeover bids.

Should Investment Canada approve the BHP takeover, First Nations officials have drafted an immediate application for a court injunction.

Premier Brad Wall has also asked Ottawa to block the takeover bid, saying it is not in the strategic interest of the province or the country to sell the corporation.

Alberta Premier Ed Stelmach — whose government makes up the "New West Partnership" with those of Saskatchewan and British Columbia — said Wednesday he is backing Wall.

"The potash resource belongs to the people of Saskatchewan and it is of very strategic importance not only to Saskatchewan but to the New West Partnership and really to all of Canada," he said.

Wall has been on the offensive against BHP Billiton's bid since last week, when in a speech he came out against the takeover attempt as posing a major potential risk to jobs, provincial revenue and Canadian strategic interests.

First Nations have not been consulted on this potentially massive transaction, Gamble said.

Recent Supreme Court of Canada rulings have dictated that First Nations be consulted and accommodated on resource issues that affect them.

"It's time that we take a stand. This is a crucial time," said federation vice-chief Lyle Whitefish.

Assembly of First Nations Chief Shawn Atleo addressed the assembly Wednesday, and stressed the importance of the potash debate.

In an interview following his speech, Atleo said it will be a "benchmark for the whole country."

Atleo said the AFN will support Saskatchewan First Nations in their fight to be "at the table" in any potash decisions.

Potash Corp. spokesman Bill Johnson declined to comment, saying the company will not discuss any "potential transaction."