Saskatchewan produces more than one-third of Canada’s primary energy from renewable and non-renewable sources. We also have half of the known global potash reserves and are one of the top oil producers in Canada. The province is among a few jurisdictions in the world that produces crude oil, natural gas, coal, uranium, biofuels, geothermal, wind and hgydro power. To top if off, Saskatoon’s world-class research facilities allow for endless opportunities for advancement and innovation.
The Saskatoon Region is home to some of Canada’s largest mining companies:
- Cameco, with its head office in Saskatoon, operates two of the world’s largest, high-grade uranium mines, McArthur River and Cigar Lake uranium mines.
- Nutrien, the recent amalgamation of PotashCorp and Agrium, is headquartered in Saskatoon. With nearly 20,000 employees and operations and investments in 14 countries, Nutrien’s crop inputs and services reach every major growing region of the world.
- K+S Potash Canada, with its head office in Saskatoon, began operations as its new Bethune mine in 2017. This is the first new potash mine to be built in Saskatchewan in the last forty years.
- In the 2020 Fraser Institute Annual Mining Survey, Saskatchewan ranked #1 in Canada and #3 in the world for mining investment attractiveness, along with ranking #1 in Mining Journal’s mineral potential and investment risk assessment.
- Saskatchewan has over 20 operating mines, producing potash, uranium, coal, gold, salt, meta-kaolin, silica sand, sodium sulphate, clay, bentonite and rare earth metals.
- GDP: The mining and quarrying sector (outside oil and gas) contributed $8.92 billion in GDP to the province in 2020.
- Employment: Mining, quarrying and oil and gas extraction employed 19,200 people in the province in 2020.
- Production & Sales:
- Potash: $6.0 billion in potash exports in 2020, $5.6 billion in potash sales and 13.6 million tonnes produced
- Uranium: $317.5 million in sales in 2020 and 3,457 tonnes produced in 2020
- Future potential projects: CanPacific Potash Project, a joint venture between two international companies with the potential to produce 3.25 million tonnes of potash per year. Similarly, BHP set mid-2021 for a final investment decision on their Jansen potash mine. If approved, the multi-phase project would cost $17 billion and produce an estimated 8 million tonnes of potash annually.
- GDP: The energy sector in Saskatchewan contributed $11.094 billion in GDP in 2020, despite a tough year for the industry.
- $3.9 billion was spent on exploration, extraction, processing and refining in 2019.
- Total upstream oil and gas investment is estimated to reach $40-$50 billion over the next 10 years to 2030.
In 2019, the province released Saskatchewan’s Growth Plan: The Next Decade of Growth, which positioned mining as a key driver for the economy. In the Growth Plan, the province states a goal of increasing the annual value of uranium and potash sales to $2 billion and $9 billion, respectively, by 2030. The plan also aims to increase new mineral exploration and attract mining investment to continue to expand the metals and mineral sector.
Furthermore, Saskatchewan aims to enhance oil recovery, carbon capture utilization and storage and position Saskatchewan as the best place in North America to test, commercialize and scale new oil and gas technologies.
- Saskatchewan Petroleum Research Incentive, is intended to encourage research, development, and demonstration of new technologies that facilitate the expanded production of Saskatchewan’s oil and natural gas resources.
- Oil and Gas Processing Investment Incentive, offers transferable royalty/freehold production tax credits for qualified Greenfield or brownfield value-added projects at a rate of 15% of eligible project costs.
- Targeted Mineral Exploration Incentive, supports the diversification of Saskatchewan’s mineral sector by encouraging exploration for base metals, precious metals, and diamonds.
MINING TECHNOLOGY EXPLORE PROGRAM
SREDA is pleased to offer the Mining Technology EXPLORE Program. Through this program SREDA provides financial support to international companies with technologies that are applicable to the mining industry.
Saskatoon is home to the natural resources that feed, fuel and fertilize the world, as well as the innovations that surround these industries.
Business in Saskatoon
Saskatoon’s mix of economic diversity, low business costs and high quality of life make it the perfect place for businesses and people to thrive.