Released on March 27, 2023
Today, Energy and Resources Minister Jim Reiter introduced the Government of Saskatchewan's proposed amendment to The Mineral Resources Act, 1985. The proposed change will bring the Saskatchewan Mineral Exploration Tax Credit (SMETC) from 10 per cent to 30 per cent, making exploration incentives in the province among the most competitive in Canada.
"A key part of our government's Growth Plan is to increase mining exploration and the value of mining exports. Incenting the industry with this tax credit is one tool to help us do that," Reiter said. "This proposed change will improve the province's competitiveness with other jurisdictions, bringing Saskatchewan's mineral exploration tax credit to the highest in Canada."
This enhancement to the SMETC will encourage increased exploration in Saskatchewan and provide new investment and employment opportunities for Saskatchewan residents, including northern and Indigenous residents and companies. Ultimately, increased exploration can lead to new discoveries and major mine developments that will enhance economic activity in the province.
"The industry has long been requesting an increase like this, and we're showing them that Saskatchewan is open for business," Reiter said. "Saskatchewan is home to 23 of the 31 critical minerals found on Canada's Critical Mineral List and there is a significant opportunity to increase and diversify the province's role as a global supplier of these commodities."
Bill No. 128, The Mineral Resources Assessment Act, 2023 passed first reading today and is expected to pass into legislation in Spring 2023.
For more information, contact:Jacob Fergus
Energy and Resources