Almost $20 billion. That’s the value of the output from Saskatchewan’s mining sector last year.
The provincial government has just released its assessment of the contribution the mining industry makes to the economy’s top line or the total value of sales by the sector last year. It put the figure at $19.4 billion which it says is not only a new record but roughly double the previous record.
Potash, as expected, is a big player and the reactivation of McArthur River uranium production added a further boost. But we’re also a gold mining province. The Seabee mine had its highest production in 30 years at 136,000 ounces.
We often describe the drivers of the provincial economy as the 3-Fs – food, fuel and fertilizer. Two of those – potash in the fertilizer category and uranium which fuels nuclear power generation – figure prominently in this report.
They are described as significant contributors to Saskatchewan leading the country in economic expansion last year. And the government signaled further growth to come as critical mineral production begins to ramp up.