SASKTODAY — There is a global demand for magnets made with rare earth elements. Why? And how does that affect Saskatchewan?
Turns out, it could be a boon for the province. We've put together a package of recent stories for a weekend deep dive into how Saskatchewan can capitalize on the increasing demand for rare earth minerals. Each story will open in a new window so you can always come back to the list.
Let's start out with a story about Friday's event showing off the first rare earth metal ingots produced in the province.The photos with this post accompanied this story by Jon Perez, SASKTODAY.ca reporter, based out of Saskatoon:
Saskatchewan eyes share of lucrative rare earth ingots market
Saskatchewan has also been networking when it comes to its footprint on the global production of critical minerals and REE. See the following story by SASKTODAY.ca reporter John Cairns, based out of Regina:
SRC signs MOU with Komi to co-operate on critical minerals
It's not just Saskatchewan looking to capitalize. This year's federal budget had some significant funding and tax credits aimed at the industry. Here's a story from the mining city of Flin Flon, by Eric Westhaver of the Flin Flon Reminder:
Billions in funding set aside for mineral exploration, development in budget: feds
Canada has also made inroads into securing markets for the necessary components for electric vehicle batteries. See this Canadian Press story about signing agreements with German auto manufacturers:
Ottawa signs EV deal with Mercedes-Benz and Volkswagen
In 2021, Saskatchewan's mining sector generated $8.6 billion in sales and accounted for 12 per cent of provincial GDP. Last year, mining companies operating in Saskatchewan spent $214 million on exploration activities. Exploration spending is expected to increase to $263 million in 2022, with expanded operations in potash, uranium, base metals, rare earth elements and other critical minerals.
Saskatchewan has 23 of Canada's 31 minerals considered critical for the sustainable economic success of Canada and its allies. Saskatchewan is already a producer of three - potash, uranium, and helium - and has near-term production potential for several others, including lithium, copper and zinc. There are also strong prospects for longer-term production of nickel and rare earth elements (REE), such as lanthanum, neodymium and gadolinium.
We're number 1! Here's a story that highlights Saskatchewan's potential on the world market. It comes from Glacier Media product Western Investor:
Saskatchewan ranked No. 1 for mining investors
But we're not the only ones looking to cash in. Here's a story from the Association Press:
Rare earths processor buys rights to mine in Greenland
If Canada can dominate when it comes to supply chains for rare earth minerals. will it curb the so-called "dirty" rare earth market? Have a look at this Associated Press story:
'The Sacrifice Zone': Myanmar bears cost of green energy
Another unsavoury effect of the demand for rare earth elements are burgeoning catalytic converter theft rings. See this SASKTODAY.ca story:
Why are catalytic converters a rising target for theft in Sask.?
We hope this deep dive has been informative and we are interested in your thoughts on the issue. Letters to the Editor may be sent to jfoster@glaciermedia.ca. Please include your name and place of residence.
