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Critical Minerals

Saskatchewan – A Critical Minerals Powerhouse

Saskatchewan ranks first in Canada for mining investment attractiveness, according to the Fraser Institute's Annual Survey of Mining Companies: 2023. Saskatchewan is home to occurrences of 27 of the 34 critical minerals on Canada’s list and the world’s largest deposits of potash and high-grade uranium.

Saskatchewan’s rich and diverse mineral endowment, backed by a strong regulatory environment, competitive royalty and investment incentives, and world-class public geoscience information, has attracted many major global mining companies to the province.

In 2023, Saskatchewan’s mining industry posted its second-highest sales revenue results on record bolstered by increasing potash and uranium sales volumes. Mineral sales were over $12.8 billion in 2023 with exploration expenditures of $357 million and estimated exploration spending intentions over $410 million for 2024.

Saskatchewan’s Critical Minerals Strategy

In March 2023 the Government of Saskatchewan launched Securing the Future: Saskatchewan’s Critical Minerals Strategy to drive growth and development of the sector in the province.

The critical minerals strategy supports the objectives set out in the Saskatchewan Growth Plan.

Four Goals for the Strategy:

  1. Increase Saskatchewan’s share of Canadian mineral exploration spending to 15 per cent by 2030;
  2. Double the number of critical minerals being produced in Saskatchewan by 2030;
  3. Grow Saskatchewan’s production of potash, uranium and helium; and,
  4. Establish Saskatchewan as a rare earth element hub.

Another strong year for Saskatchewan potash sales and production

The province has the largest potash industry in the world, accounting for 35 per cent of global production in 2023. The industry achieved strong sales revenue and production in the year, continuing to step up to alleviate global food insecurity concerns amidst ongoing geopolitical instability, which is impacting global supply. Saskatchewan’s potash sector is growing with more than $35 billion of committed investment announced over the past 20 years.

Saskatchewan uranium industry achieves near-record sales revenue in 2023

Northern Saskatchewan is home to the world's largest high-grade uranium deposits. In 2023 Saskatchewan’s uranium sector achieved $1.6 billion in sales revenue, the highest level since 2016. The sector was the world’s second-largest uranium producer in the year, providing work for 3,420 direct employees and contractors.

Helium production continues upward growth

Since releasing the Helium Action Plan: From Exploration to Exports in 2021 Saskatchewan is seeing success in this sector. In 2023 Saskatchewan produced 3.4 million cubic metres of helium, a 50 per cent increase over 2022 continuing the trend of year-over-year production growth. The province currently accounts for 2.1 per cent of global helium supply of the gas and continues to aim for 10 per cent by 2030. Saskatchewan offers an abundant, stable and high-grade helium supply, being one of the few jurisdictions in the world that can support production as a standalone sector because the province’s geology supports the drilling of dedicated helium wells.

Investment Attraction Incentives for the Saskatchewan Mineral Sector

Multi-lateral Oil Well Program (MLWP)

  • MLWP offers an additional volumetric drilling incentive for eligible multi-lateral horizontal oil wells drilled on or after April 1, 2024, and on or before March 31, 2028.

Saskatchewan Critical Minerals Innovation Incentive (SCMII)

  • SCMII offers transferrable Crown royalty/freehold production tax credits for qualified innovation commercialization projects at a rate of 25 per cent of eligible projects costs.

Critical Minerals Processing Investment Incentive (CMPII)

  • The CMPII offers transferrable Crown royalty/freehold production tax credits for qualified greenfield or brownfield value-added processing projects at a rate of 15 per cent of eligible program costs.

Saskatchewan Mineral Exploration Tax Credit (SMETC)

  • A non-refundable 30 per cent tax credit to Saskatchewan taxpayers who invest in eligible flow-through shares issued by mining or exploration companies.

Targeted Mineral Exploration Incentive (TMEI)

  • Explorers are eligible to receive a grant equal to 25 per cent of direct drilling costs of up to $150,000 ($50,000 for uranium).
  • The program has been expanded to apply to exploration drilling of all hard-rock minerals anywhere in the province.
  • Annual program funding has been increased from $750,000 to $4 million.

Ten-year royalty holiday for new hard rock mines

  • The 10-year royalty holiday applies to all types of hard rock mineral production (excluding uranium and diamonds)

Oil and Gas Processing Investment Incentive (OGPII)

  • A five-year extension to OGPII was announced as part of Budget 2024-25. Project applications are being accepted until March 31, 2029. OGPII has also received a funding cap increase from $370 million to $500 million over the life of the program. This funding cap will be shared by OGPII and the recently announced CMPII. Helium and lithium will remain eligible under OGPII until the new CMPII program is launched in summer 2024 at which time helium and lithium eligibility will be transitioned into CMPII.
  • OGPII offers transferable oil and gas Crown royalty and freehold production tax credits for qualified greenfield or brownfield value-added projects at a rate of 15 per cent of eligible program costs.
  • The incentive is open to value-added projects across all segments of Saskatchewan's oil, gas, helium and lithium sectors as well as chemical fertilizer facilities.

Saskatchewan Petroleum Innovation Incentive (SPII)

  • A five-year extension to SPII was announced as part of Budget 2024-25. Project applications are being accepted until March 31, 2029. SPII has also received a funding cap increase from $30 million to $100 million over the life of the program. This funding cap will be shared by SPII and the recently announced SCMII. Helium and lithium will remain eligible under SPII until the new SCMII program is launched in summer 2024 at which time helium and lithium eligibility will be transitioned into SCMII.
  • SPII offers transferable oil and gas Crown royalty and freehold production tax credits for qualified innovation commercialization projects at a rate of 25 per cent of eligible project costs.
  • The program targets a broad range of innovations deployed across all segments of Saskatchewan's oil, gas, helium and lithium sectors.

Opportunities for Servicing the Mining Industry

Information about opportunities to service Saskatchewan's mining industry can be found in a variety of available publications.

How to Successfully Access the Mining Supply Chain provides key information to Saskatchewan manufacturers to aid in understanding the Saskatchewan mining industry, with a focus on the potash and uranium industries. Manufacturers will get accurate, relevant information to help understand the opportunities and steps involved in becoming a successful preferred supplier.

The Uranium Mining Supply Chain Requirement Guide provides information on the quantity, value and scheduling of supplies and services purchased by typical Saskatchewan uranium mining project owners and/or operators to discover, develop, operate, maintain, decommission and close projects.

The Potash Mining Supply Chain Requirement Guide provides businesses and communities with information about the kinds of goods and services required for the construction and operation of a conventional or solution potash mine.

Supply Chain Events

The Annual Mining Supply Chain Forum brings mining project and procurement people together with manufacturing and related service companies to discuss opportunities in the mining supply chain. The event is a partnership between the Ministry of Trade and Export Development, Saskatchewan Mining Association and the Saskatchewan Industrial and Mining Suppliers Association.
Saskatchewan Supply Chain Week is proclaimed annually in recognition of the valuable contribution that Saskatchewan supply chain management professionals and suppliers make to the growth and success of our provincial economy. Find more information on the Supply Chain Management Association – Saskatchewan website.

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