Saskatchewan Eyes $43B Expansion
Source: Leader-Post, Bruce Johnstone††(5/31/11)
"The region's robust potash, uranium and precious metals sectors are poised to benefit."
Saskatchewan is in the midst of an unprecedented boom in the mining sector, which could see $43B invested in the province over the next two decades, a news conference to launch Mining Week in Saskatchewan was told Monday.
"The Saskatchewan Mining Association is forecasting that $43B will be invested by our mining industry by 2028,'' said Crown Investment Corp. Minister Tim McMillan.
"Saskatchewan potash producers are planning to invest $12B by the year 2020 in expanding existing mines.''
The huge amounts of money the mining industry is spending on mines, mills and other production facilities explains this year's themeóMining: Investing in Saskatchewan's Growth.
Mining is the province's third-largest industry, with more than 30,000 employed in the sector and $6.8B worth of mineral sales last year.
Of course, mining investment begins at the grassroots or exploration stage.
Last year, the industry spent $319M exploring for minerals, primarily for potash, coal and uranium, but also gold, base metals and diamonds."According to the forecast, another $280M is expected to be invested in exploration this year,'' McMillan added.
Aside from the massive investments the mining sector has made in expanding production, a number of companies are moving head office jobs to the province.
He said the Saskatchewan Party government has implemented tax incentives to "reward potash producers for creating new jobs in Saskatchewan. Once again that investment is paying off.''
Aside from being the largest potash producer in the world and its second largest uranium producer, Saskatchewan also produces gold, coal, salt, sodium sulphate, potassium sulphate, silica sand and bentonite.