Sask. invests $10 million in geoscience initiative to boost mining industry

More money is going to support the mining industry in Saskatchewan.

The province is providing $10 million over the next 10  years to the Saskatchewan Geological Survey’s Public Geoscience Initiative.

It’s meant to explore minerals and petroleum in the province and make more information available for exploration companies.

Jim Reiter, the province’s energy and resources minister, said the goal is to lessen the risk for companies looking to invest in Saskatchewan.

“The funding for the Public Geoscience Initiative will strengthen the information available for industry to target development and bring more investment dollars into the province,” Reiter said.

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The minister said the funds will be used to investigate, compile, and maintain information on the geology of the province.

“It will be used for surveying, mapping, core samples and those sorts of things that kind of do a lot of the legwork so that exploration companies can make more informed decisions about where they want to do their work,” he said.

“That, in turn, increases the chances that the exploration work will lead to a project, which, in turn, leads to more jobs and more economic development. That is the main driver behind all of this.”

Tom Drivas, CEO of Appia Rare Earths and Uranium Corp., said the availability of public geoscience resources has been “invaluable” in their exploration efforts.

“These resources have provided us with critical data and insights that have helped reduce risks, improve investment opportunities, and allowed us to target our exploration activities more effectively, increasing the likelihood of making significant discoveries,” Drivas said in a release.

Pam Schwann, president and CEO of the Saskatchewan Mining Association, said continued investment in the mining industry is why Saskatchewan remains a world-leading destination for mining investment.

“I hear from our members regularly that the province’s competitive incentive programs and high-quality geoscience data are the main reasons why they chose to do business in Saskatchewan,” Schwann said.

Saskatchewan is projected to spend nearly $6 billion in mineral resource development this year, almost a quarter of the national total.