Saskatchewan Still Canada's #1 Jurisdiction For Mining Investment | News and Media - Government of Saskatchewan | Canada News Media
Connect with us

Investment

Saskatchewan Still Canada's #1 Jurisdiction For Mining Investment | News and Media – Government of Saskatchewan

Published

 on


Released on April 14, 2022

Saskatchewan has retained its #1 spot as the best place in Canada, and is the second-best jurisdiction globally, for mining investment attractiveness, according to the 2021 Fraser Institute Annual Survey of Mining Companies.

“Saskatchewan is poised to be a critical minerals powerhouse,” Energy and Resources Minister Bronwyn Eyre said. “We are a global leader in uranium and potash production and an emerging producer of helium, lithium, copper, zinc and rare earths. The world needs what Saskatchewan has to offer.”

The Survey calculates an Investment Attractiveness Index based on factors such as jurisdictional stability, regulations, competitive tax regimes, infrastructure and geological attractiveness. With 84 mining jurisdictions included in the 2021 Survey, Saskatchewan received a score of 88.32, only two points behind Western Australia, the top-ranked jurisdiction.

Saskatchewan has occurrences of 23 of 31 critical minerals necessary, according to Canada’s critics minerals list, for “sustainable, economic success,” including potash, uranium, helium, lithium, copper and rare earth elements (REE). Saskatchewan saw record potash sales in 2021, which accounted for one-third of global potash production. In 2020, the Government of Saskatchewan announced $31 million for the Saskatchewan Research Council to establish a REE Processing Facility, that is expected to be fully operational by 2024. New support to accelerate the development of helium processing and liquefaction hubs in the province was also recently announced.

The Targeted Mineral Exploration Incentive (TMEI) program provides a 25 per cent rebate, up to a maximum of $50,000 per year, to encourage drilling activity in support of exploration in Saskatchewan. Preliminary estimates indicate the TMEI reached another all-time high in 2021-22, attracting $11.7 million of investment and about 140 new drill holes for programs dedicated to exploration of gold, silver, copper, nickel, cobalt, zinc and platinum group metals.

Saskatchewan’s mining sector generated $8.6 billion in sales in 2021, the second-highest level on record. Exploration expenditures were $214 million and are estimated to increase to $263 million in 2022. The mining sector delivers tens of thousands of direct and indirect jobs and is a key economic driver across the province.

-30-

For more information, contact:

Jill Stroeder
Energy and Resources
Regina
Phone: 306-787-6315
Email: Jill.stroeder@gov.sk.ca

Adblock test (Why?)



Source link

Continue Reading

Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

Published

 on

 

NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

 on

 

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

 on

 

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending

Exit mobile version