Released on May 18, 2023
Saskatchewan's mining industry reached an all-time high value of sales last year, more than doubling the previous record. Mineral sales for 2022 were over $19.4 billion. Contributing factors included increased production and higher prices in response to supply disruptions, along with ever-increasing global demand.
The reopening of the McArthur River mine in northern Saskatchewan allowed for increased production volumes of uranium, while gold saw the highest production numbers in over 30 years with a record 136,000 ounces extracted from the Seabee mine. The potash industry achieved record value of sales and record production, stepping up to alleviate global food insecurity concerns due to geopolitical instability that continues to impact global supply. The potash industry in the province has committed to continue to invest in increased production to meet global demand.
"These numbers show what a powerhouse Saskatchewan has become at supplying the world with minerals," Energy and Resources Minister Jim Reiter said. "The success of our natural resource sector directly influences our quality of life in Saskatchewan by providing jobs and revenue for social services and infrastructure, like highways, hospitals and schools."
Securing the Future: Saskatchewan's Critical Minerals Strategy, will further drive investment in the province to increase exploration and grow the mining sector.
Saskatchewan is home to occurrences of 23 of the 31 critical minerals on Canada's list, nearly half of the world's known reserves of potash, and the world's largest high-grade uranium deposits. Abundant mineral resources, backed by a strong regulatory environment, competitive royalty and investment incentives, and a high-quality geological database have attracted most of the major global mining companies to the province.
For more information, contact:Natosha Lipinski
Energy and Resources