Message from the Honourable Jim Reiter, Saskatchewan Minister of Energy and Resources
T
his past year, we launched Securing the Future: Sas-
copper mine, which is targeting carbon neutral production
katchewan’s Critical Minerals Strategy, an impor-
of 65 million pounds of copper equivalent per year.
tant milestone for our government. It represents our roadmap for making Saskatchewan the global
mining powerhouse of the future. It also reinforces that Sas-
katchewan is the best place in Canada to develop natural resources. The strategy has four goals to expand Saskatchewan’s leadership position in critical minerals. The first goal is to increase our share of Canadian mineral exploration spending to 15 per cent by 2030. We expanded the Saskatchewan Mineral Exploration Tax Credit (SMETC) and the Targeted Mineral Exploration Incentive (TMEI) to reduce investor risk and ensure exploration firms can secure the funds they need. The SMETC has been tripled to 30 per cent, the highest rate for a program of its kind in Canada. The TMEI cash pool now sits at $4 million, up from $750,000, and covers all hard rock exploration anywhere in Saskatchewan. We are also investing millions of dollars to develop a central geoscience data management system. The second goal is to double our critical minerals produced by 2030. Beyond existing production of potash, uranium, and helium, Saskatchewan has the potential to advance significant projects in lithium, copper, zinc, REEs, nickel, and cobalt. Buyers want to source these minerals, which are abundant in Saskatchewan and used in everyday items, from secure regions with sustainable practices. The world is turning to Saskatchewan as that source, and demand for items like semiconductors, batteries, smart phones, electric vehicle motors and nuclear power is increasing. As an example, Foran Mining Corporation is making headway on its McIlvenna Bay 10 2023-2024 Northern Prospector
The third goal is to continue growing Saskatchewan’s potash, uranium, and helium production. The final goal is to establish Saskatchewan as a rare earth element hub. The Saskatchewan Research Council is making progress on its Rare Earth Processing Facility. Set to be operational in 2024, the facility is building a foundation for a rare earth element supply chain in Saskatchewan. Our potash reserves continue to feed the world, while ensuring farmers have the best inputs available to maintain their livelihoods. The $30 billion industry has committed to increase production means that Saskatchewan potash will be a global leader for the long term. The global push to de-carbonize electricity grids using nuclear power is contributing to increased interest in Saskatchewan’s uranium. We are the sole Canadian producer of yellowcake, and the second-largest producer globally. In 2022, Saskatchewan recorded the highest mineral sales ever, over $19.4 billion, with uranium contributing almost $1 billion. Our government’s Helium Action Plan continues to yield results – helium production increased 79 per cent to 2.4 million cubic metres in 2022. North American Helium’s purification facility and five other plants in Saskatchewan are ensuring healthcare and manufacturing sectors have a secure supply. Meanwhile, northern employers like Cameco, Orano and SSR Mining continue to hire and work with Indigenous people and local residents, ensuring sustained economic stability for their communities. Saskatchewan’s future is bright. Have a great year! ✘
