MINING & ENERGY

Saskatchewan is ranked 1st in Canada and 3rd in the world for mining investment attraction

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 hydro 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 is a Saskatoon-based global company that specializes in the exploration, mining and marketing of uranium and nuclear fuel products. With around 2,000 employees worldwide, Cameco is one of the largest uranium producers in the world.
  • Nutrien is the world’s largest producer of crop inputs and services, producing and distributing over 27 million tonnes of potash, nitrogen and phosphate products annually. With a focus on sustainability and innovation, the company serves over 500,000 growers across 40 countries and employs more than 23,500 employees.
  • K+S Potash Canada is a subsidiary of K+S Group, producing premium, low-chloride potash at its state-of-the-art Bethune mine in Saskatchewan. The mine is the first new potash mine in Saskatchewan in more than 40 years.
  • BHP Potash is a division of BHP Group, a leading global resources company. BHP Potash is focusing on developing its $7.5 billion Stage 1 Jansen potash project in Saskatchewan, set to become one of the world’s largest and most technologically advanced potash mines.

MINING FACTS

  • In the 2021 Fraser Institute Annual Mining Survey, Saskatchewan ranked #1 in Canada and #2 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 $8.9 billion in GDP to the province in 2021.
  • Employment: Mining, quarrying and support activities employed 14,960 people in the province in 2021.
  • Production & Sales:
    • Potash: $7.1 billion in potash exports in 2020, $18.0 billion in potash sales and 14.3 million tonnes produced
    • Uranium: $317.5 million in sales in 2020 and 3,457 tonnes produced in 2020
  • Investments:
    • In 2021, BHP approved its Jansen potash project. With a total investment of approximately $17 billion, the Jansen potash project is a significant undertaking for BHP and the Canadian potash industry as a whole.
    • In 2022, Cameco announced two major deals. The approximate $10.7 billion acquisition of Westinghouse Electric and becoming the sole supplier of Ukraine’s state-owned nuclear energy utility Energoatom until 2035.

ENERGY FACTS

  • GDP: The energy sector in Saskatchewan contributed $17.2 billion in GDP in 2021.
  • $2.5 billion was spent on exploration, extraction, processing and refining in 2021.
  • 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.

SUPPORT

BUSINESS INCENTIVES

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, focused on Saskatchewan’s oil, gas, helium and lithium industries.

Targeted Mineral Exploration Incentive, supports the diversification of Saskatchewan’s mineral sector by encouraging exploration for base metals, precious metals, and diamonds.

Saskatchewan Petroleum Innovation Incentive offers transferable oil and gas royalty/freehold production tax credits for qualified innovation commercialization projects at a rate of 25% of eligible project costs, focused on Saskatchewan’s oil, gas, helium and lithium industries.

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.


Key Industries

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.

Key Industries

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.