Saskatchewan is aiming to boost the mining industry in the province with a critical mineral strategy.
The Sask. Party government announced the plan, Securing the Future: Saskatchewan’s Critical Mineral Strategy, with four goals over the next few years to enhance production.
“Saskatchewan is a critical minerals leader today and will be a critical minerals powerhouse tomorrow,” Premier Scott Moe said.
“With our existing expertise in mining and processing, our province has the opportunity to become a critical minerals hub and meaningfully contribute to the global demand for these resources.”
The first goal is to increase the province’s share of mineral exploration spending in the country to 15 per cent by 2030.
Spending grew to 8.5 per cent in 2022, up from 7.4 per cent the year prior.
The 2023-24 provincial budget noted an increase in the Saskatchewan Mineral Exploration Tax Credit from 10 to 30 per cent, and the province added that the Target Mineral Exploration Incentive is rising from $750,000 to $4 million annually.
“As Saskatchewan competes for Canadian and international investments, the increases to the Targeted Mineral Exploration Incentive Program and to the Mineral Exploration Tax Credit, are very welcome,” Saskatchewan Mining Association president Pam Schwann said.
“They position Saskatchewan to be one of the leading Canadian mineral jurisdictions and will be effective in incentivizing additional investment into Saskatchewan.”
The second goal is to double the number of critical minerals being produced in Saskatchewan, with the province saying one potash mining project under construction has a commitment of $12 billion, claiming that this will be the largest investment in the province’s history.
It noted that Saskatchewan has the potential to produce more lithium, copper, zinc, rare earth elements, nickel and cobalt.
“Critical minerals will be a key economic driver for Saskatchewan,” Energy and Resources Minister Jim Reiter said.
“Explorers and developers are ready to step up to meet the surging demand around the world, and our province has an important role to play.”
The third goal is to expand existing critical mineral industries and grow the production of potash, uranium and helium.
The province said Saskatchewan is the only producer of uranium in the country, the world’s largest exporter of potash and the largest helium producer in Canada.
Lastly, the province aims to establish Saskatchewan as a rare earth element hub by leveraging the Saskatchewan Research Council’s position, encouraging private sector development, and pursuing partnerships.
“Saskatchewan is uniquely positioned on a global scale to provide key critical minerals to the world and build a secure, stable and sustainable value chain at home,” Trade and Export Development Minister Jeremy Harrison said.