Saskatchewan is proud to be a reliable and sustainable producer of the high-quality food, fuel, and fertilizer the world needs. This reputation has been built over many years of actively working together with industry and we are seizing the moment to strengthen our leadership position in critical minerals.
With an abundance of natural resources, Saskatchewan is uniquely positioned to meet the world’s growing demand for critical minerals. Saskatchewan is already the world’s leading potash producer, accounting for approximately one-third of global production, and the world’s second-largest uranium producer. We are Canada’s largest producer of helium and home to
27 of the 34 critical minerals recognized by the Canadian government.
In 2023, our government launched Securing the Future: Saskatchewan’s Critical Minerals Strategy to help guide the expansion of the province’s critical minerals sector. The strategy outlines four goals to be reached by 2030: increase Saskatchewan’s share of Canadian mineral exploration spending to 15 per cent; double the number of critical minerals being produced in Saskatchewan; grow Saskatchewan’s production of potash, uranium and helium; and establish Saskatchewan as a rare earth elements hub.
Our government is working towards these goals by building on Saskatchewan’s world-leading stable and competitive business environment to encourage investment. To support the Critical Minerals Strategy, we increased the Saskatchewan Mineral Exploration Tax Credit from 10 to 30 per cent and expanded the Targeted Mineral Exploration Incentive to include drilling for all hard rock minerals. We also invested over $4 million into geoscience data management technology and another $10 million over 10 years to support critical minerals public geoscience.
Two new programs have also been created to drive diversification and investment in the sector. The Critical Minerals Processing Investment Incentive offers transferable royalty and tax credits for qualified value-added processing projects and the Saskatchewan Critical Minerals Innovation Incentive provides transferable credits for eligible innovation commercialization projects. These new incentives apply to 11 targeted emerging critical minerals.
With these new and enhanced incentives, it is clear we value our industry partners and understand the importance of creating the right conditions for investment and development. This approach is a key reason that, in the Fraser Institute’s mining survey, mining executives from around the world rated Saskatchewan as the top in Canada and the third most attractive jurisdiction globally for investment. This is the ninth time over the last decade our province has achieved a top three global position.
The level of long-term confidence in Saskatchewan’s critical minerals sector can be seen in how the province is expected to continue to lead Canada in total mining investment in 2025, with industry spending in the year projected to exceed $7 billion. In addition to the continued investments in optimization and innovation at their operations by mining industry leaders like Nutrien, Mosaic, Cameco, and Orano, this growth is being driven by new and ongoing investments such as the Foran Mining McIlvenna Bay copper and zinc project, the ramp-up of the K+S Potash Canada Bethune mine, and BHP Group’s Jansen potash project.
Other exciting critical minerals projects in Saskatchewan include the advanced uranium projects from NexGen Energy, Denison Mines, and Paladin Energy, all continuing to diligently progress toward mine construction. Arizona Lithium’s Prairie Lithium project is also getting ready for production in the near-term while North American Helium recently brought online its ninth helium purification facility in the province. The Saskatchewan Research Council is also building North America’s first commercial Rare Earth Processing facility. In June 2024 it began producing neodymium and praseodymium metals at a commercial scale, with full operations expected by 2026. There are also many other critical mineral exploration projects at earlier stages of development.
With a wealth of essential resources that drive modern technology and economic development, Saskatchewan is well-equipped to support growing global demand. As we continue to develop our critical minerals sector, our province will play an outsized role in delivering food and energy security to countries around the world, driving investment, innovation, and long-term economic prosperity.
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