Released on May 16, 2023
For the third year in a row, Saskatchewan has ranked first in Canada and in the top three in the world for mining investment attractiveness.
"Saskatchewan continues to be a standout jurisdiction to invest in because of our outstanding resource potential and strong policies that support mineral exploration and development," Energy and Resources Minister Jim Reiter said.
The Fraser Institute's 2022 Annual Survey of Mining Companies measured 62 jurisdictions around the world on two main areas - mineral potential and policy perception - to come up with an overall attractiveness ranking for investment.
Overall, Saskatchewan ranked third in the world for investment attractiveness in this year's survey. Nevada ranked first, and Western Australia second. Saskatchewan also ranked second in the world for mineral potential.
"It is no surprise that Saskatchewan remains the best jurisdiction in Canada for mining investment attractiveness and one of the top jurisdictions globally," Foran Mining Executive Chairman and CEO Dan Myerson said. "A business-friendly government and world class geology allows companies like Foran to build multi-generational, infrastructure-type sustainable mining assets and provide the world with the critical minerals needed for global electric revolution."
"The potential is here and largely untapped," Reiter said. "Since this survey was done, we've announced additional tax and exploration incentives, along with a critical minerals strategy to drive new investment. These will all positively impact the industry in the province."
In this year's budget the Saskatchewan Mineral Exploration Tax Credit was increased from 10 to 30 per cent. The Targeted Mineral Exploration Incentive was also expanded from $750,000 to $4 million annually and applied to all hard rock exploration drilling across the province. In addition, a further $2.4 million of new funding was committed to improve access to geological data by explorers.
In 2023-24, the Government of Saskatchewan will also review environmental exploration permitting in the province to ensure timely and efficient processes for explorers and developers.
For more information, contact:Natosha Lipinski
Energy and Resources