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Critical Minerals a Key Focus for Saskatchewan

The 2023-24 Budget builds on Saskatchewan's position as a global leader in the exploration and development of critical minerals.  

"Critical minerals are vital for our modern way of life and in short supply around the world," Energy and Resources Minister Jim Reiter said. "Saskatchewan is fortunate to have occurrences of 23 of the 31 critical minerals on the Canadian Critical Mineral List and some of them, such as potash and uranium, are in world-class deposits. We want to show the world that Saskatchewan is open for business and ready to support development."

Three existing programs have been enhanced to drive investment in Saskatchewan's critical minerals projects. The province has committed $4.0 million to expand the Targeted Mineral Exploration Incentive to include exploration drilling for all hard-rock minerals and increased the funding limit to support emerging commodities. The Saskatchewan Mineral Exploration Tax Credit has also been increased from 10 to 30 per cent.  

The coming year will also see significant investment in improving geoscience data management, which is used by exploration companies as they consider projects. A total of $2.4 million will be invested in technology and automation. This will allow geoscientists to compile and analyze broader amounts of data, improving the information provided to explorers and stakeholders. External clients will also be able to fulfill regulatory requirements by submitting mineral assessment reports online.  

Critical mineral exploration and development is anticipated to be a key economic driver for the province over the next ten years. Competitive incentives play an important role in attracting investment in exploration projects, mine development and mineral processing facilities.

"Exploration investment provides an exponential return that is key to the financial health of the province," Reiter said. "Saskatchewan's success in potash and uranium production already accounts for 12 per cent of provincial gross domestic product."

The Ministry of Energy and Resources is on track to meet its goals in Saskatchewan's Growth Plan, which include increasing annual potash sales to $9.0 billion, a target which the sector doubled in 2022, and increasing annual uranium sales to $2.0 billion. It also includes doubling the size of the forestry industry by 2030 and increasing oil production to 600,000 barrels per day.

Solid economic growth in Saskatchewan is strengthening the province's finances - that's growth that works for everyone.


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