Investment in Saskatchewan’s Mining Sector Increases with Expanded TMEI Funding
By Editorial Assistant
Investment in Saskatchewan’s mining sector is experiencing a notable upturn, significantly influenced by a rise in exploration funding. The recent expansion of the Targeted Mineral Exploration Incentive (TMEI) has been a pivotal factor in attracting both domestic and international mining companies. The governments initiative supports mineral exploration in Saskatchewan, which is now considered one of the best regions in Canada for resource investment. The influx of capital is expected to yield substantial economic benefits for the province, fostering job creation and stimulating local economies.
The TMEI has seen its funding cap raised dramatically to $4 million, an increase from the previous limit of $750,000. This adjustment marks a significant change in the provincial government’s approach to supporting mineral exploration. The eligibility for funding has also been broadened to encompass all hard rock minerals, a strategic move to capitalize on Saskatchewan’s rich geological resources. This expanded support aligns with the government’s ongoing commitment to bolster the mining industry, positioning Saskatchewan to capture a larger share of Canadian mineral exploration spending, estimated at 15% by 2030.
“Saskatchewan is the best place in Canada to invest in mining and exploration due to our competitive exploration support programs, like the TMEI, our world-class critical minerals resources and our high-quality geoscience database,” Energy and Resources Minister Jim Reiter said. “The decision to expand this program was part of our government’s continued commitment to protecting and promoting Saskatchewan’s mining industry and attaining 15 per cent of all Canadian mineral exploration spending by 2030.”
Among the many success stories emerging from the expanded TMEI is that of Ramp Metals Inc. This firm has achieved remarkable milestones, conducting exploration significantly northwest of La Ronge. The assistance provided by TMEI funding has played a crucial role in facilitating their operations. According to Garrett Smith, Vice President of Exploration at Ramp Metals, the program has greatly reduced their cost-per-meter for drilling activities. This financial relief has led to a new high-grade gold discovery, underscoring Saskatchewan’s untapped potential in gold mining.
The rapid increase in exploration expenditures from $9.8 million the previous year to $62.3 million for the 28 approved projects under TMEI demonstrates the effectiveness and impact of the program. The rise is not only a reflection of confidence in Saskatchewan’s resources but also emphasizes the province’s commitment to a sustainable and economically viable mining industry.
Looking ahead, Saskatchewan is poised for further growth in its mining sector, particularly in critical minerals production. While potash and uranium remain foundational to the provincial economy, there is a concerted effort to diversify outward into emerging sectors. These include the exploration of lithium, copper, and zinc, all of which are gaining traction on the global market.
Additionally, the province is preparing to become a significant player in the rare earth elements market, with the establishment of North America’s first rare earth processing facility set to commence operations next year. This facility aims to meet increasing global demand for rare earth minerals, further enhancing Saskatchewan’s position as a vital contributor to the mining and exploration sectors.
For more information about incentives offered by the Ministry of Energy and Resources, visit:
https://www.saskatchewan.ca/business/agriculture-natural-resources-and-industry/mineral-exploration-and-mining