Released on March 27, 2023
The Government of Saskatchewan has launched Securing the Future: Saskatchewan’s Critical Minerals Strategy to drive growth and development of the sector in the province.
“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 critical minerals strategy supports the objectives set out in the Saskatchewan Growth Plan. The strategy outlines four goals for the sector: to increase Saskatchewan’s share of Canadian mineral exploration spending to 15 per cent by 2030, to double the number of critical minerals being produced in Saskatchewan by 2030, to grow Saskatchewan’s production of potash, uranium and helium, and to establish Saskatchewan as a rare earth element hub.
Saskatchewan has 23 of the 31 minerals listed on the Canadian critical minerals list. Minerals are considered critical when they’re necessary for key products and industries and subject to supply chain disruptions. Uranium, potash, rare earth elements, lithium and helium are just a few of the critical minerals found in abundance in Saskatchewan.
“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.”
“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. “This is a significant opportunity to create jobs and wealth for people in Saskatchewan communities, that is an example of growth that works for everyone.”
Three government programs were also expanded in the 2023 Budget to pave the way for critical minerals development. The Saskatchewan Mineral Exploration Tax Credit was increased from 10 to 30 per cent and the Targeted Mineral Exploration Incentive, which applies to exploration drilling of all hard-rock minerals, was increased from $750,000 to $4.0 million. In addition, $2.4 million was also dedicated to provide better systems for geoscience data collection and reporting, which explorers use when considering projects.
“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.”
Premier Scott Moe will also be attending the Securing America’s Future Energy Summit in Washington, D.C. March 28-29. At the summit, the Premier will profile Saskatchewan’s new strategy and participate in a panel discussion to highlight opportunities in Saskatchewan to an international audience.
For more information, contact:Natosha Lipinski
Energy and Resources