The Saskatchewan government has introduced a proposed amendment to increase the Saskatchewan Mineral Exploration Tax Credit (SMETC) from 10% to 30%, making the province among the most competitive in Canada for mining exploration incentives.. Jim Reiter SP .Energy and Resources Minister Jim Reiter proposed the amendment to The Mineral Resources Act, 1985, on Monday in the Legislature..“A key part of our government's growth plan is to increase mining exploration and the value of mining exports. Incentivizing the industry with this tax credit is one tool to help us do that,” said Reiter..“This proposed change will improve the province's competitiveness with other jurisdictions, bringing Saskatchewan's mineral exploration tax credit to the highest in Canada.”.The change to the SMETC will encourage companies to explore for critical minerals in Saskatchewan, providing “new investment and employment opportunities for Saskatchewan residents, including northern and indigenous residents and companies,” said the Saskatchewan government media release..The goal of the amendment is to increase exploration which leads to new discoveries and major mining developments to diversify the province’s economy..“The industry has long been requesting an increase like this, and we're showing them that Saskatchewan is open for business,” said Reiter..“Saskatchewan is home to 23 of the 31 critical minerals found on Canada's Critical Mineral List and there is a significant opportunity to increase and diversify the province's role as a global supplier of these commodities.” .“As Saskatchewan competes for Canadian and international investments, the increases to the Targeted Mineral Exploration Incentive Program and to the Mineral Exploration Tax Credit, are very welcome," said Saskatchewan Mining Association President Pam Schwann.."They position Saskatchewan to be one of the leading Canadian mineral jurisdictions and will be effective in incentivizing additional investment into Saskatchewan.”.“Saskatchewan is a critical minerals leader today and will be a critical minerals powerhouse tomorrow,” said Premier Scott Moe..“With our existing expertise in mining and processing, our province has the opportunity to become a critical minerals hub and meaningfully contribute to the global demand for these resources.”.“Saskatchewan is uniquely positioned on a global scale to provide key critical minerals to the world and build a secure, stable and sustainable value chain at home,” said Trade and Export Development Minister Jeremy Harrison..“This is a significant opportunity to create jobs and wealth for people in Saskatchewan communities, that is an example of growth that works for everyone.”.“Saskatchewan should be a preferred supplier of critical minerals and rare earth minerals to the world,” said NDP Finance Critic Trent Wotherspoon..“We see the shift in production to EVs happening in Canada, in North America, and around the world. We should be punching above our weight and supplying the world.”.Wotherspoon suggested helping with building the new mines and not just the exploration by reducing construction costs..“We would push the government to scrap the PST on construction labour. Something that's really hurt competitiveness for so many industries across Saskatchewan. But certainly, we want to not just have exploration,” said Wotherspoon..“On the critical mineral side, we want to see production. These are the important types of measures that will make sure we secure that investment here in Saskatchewan.”.Bill 128, The Mineral Resources Assessment Act, 2023, passed the first reading on Monday and is expected to pass in Spring 2023.
The Saskatchewan government has introduced a proposed amendment to increase the Saskatchewan Mineral Exploration Tax Credit (SMETC) from 10% to 30%, making the province among the most competitive in Canada for mining exploration incentives.. Jim Reiter SP .Energy and Resources Minister Jim Reiter proposed the amendment to The Mineral Resources Act, 1985, on Monday in the Legislature..“A key part of our government's growth plan is to increase mining exploration and the value of mining exports. Incentivizing the industry with this tax credit is one tool to help us do that,” said Reiter..“This proposed change will improve the province's competitiveness with other jurisdictions, bringing Saskatchewan's mineral exploration tax credit to the highest in Canada.”.The change to the SMETC will encourage companies to explore for critical minerals in Saskatchewan, providing “new investment and employment opportunities for Saskatchewan residents, including northern and indigenous residents and companies,” said the Saskatchewan government media release..The goal of the amendment is to increase exploration which leads to new discoveries and major mining developments to diversify the province’s economy..“The industry has long been requesting an increase like this, and we're showing them that Saskatchewan is open for business,” said Reiter..“Saskatchewan is home to 23 of the 31 critical minerals found on Canada's Critical Mineral List and there is a significant opportunity to increase and diversify the province's role as a global supplier of these commodities.” .“As Saskatchewan competes for Canadian and international investments, the increases to the Targeted Mineral Exploration Incentive Program and to the Mineral Exploration Tax Credit, are very welcome," said Saskatchewan Mining Association President Pam Schwann.."They position Saskatchewan to be one of the leading Canadian mineral jurisdictions and will be effective in incentivizing additional investment into Saskatchewan.”.“Saskatchewan is a critical minerals leader today and will be a critical minerals powerhouse tomorrow,” said Premier Scott Moe..“With our existing expertise in mining and processing, our province has the opportunity to become a critical minerals hub and meaningfully contribute to the global demand for these resources.”.“Saskatchewan is uniquely positioned on a global scale to provide key critical minerals to the world and build a secure, stable and sustainable value chain at home,” said Trade and Export Development Minister Jeremy Harrison..“This is a significant opportunity to create jobs and wealth for people in Saskatchewan communities, that is an example of growth that works for everyone.”.“Saskatchewan should be a preferred supplier of critical minerals and rare earth minerals to the world,” said NDP Finance Critic Trent Wotherspoon..“We see the shift in production to EVs happening in Canada, in North America, and around the world. We should be punching above our weight and supplying the world.”.Wotherspoon suggested helping with building the new mines and not just the exploration by reducing construction costs..“We would push the government to scrap the PST on construction labour. Something that's really hurt competitiveness for so many industries across Saskatchewan. But certainly, we want to not just have exploration,” said Wotherspoon..“On the critical mineral side, we want to see production. These are the important types of measures that will make sure we secure that investment here in Saskatchewan.”.Bill 128, The Mineral Resources Assessment Act, 2023, passed the first reading on Monday and is expected to pass in Spring 2023.
