Saskatchewan's Critical Minerals Strategy Takes Shape with McIlvenna Bay Mine

Strategic Insights -

Saskatchewan Minister of Energy and Resources Colleen Young highlighted the importance of the McIlvenna Bay mine, a copper and zinc project located in northeastern Saskatchewan, which is expected to begin commercial production in mid-2026. The project, developed by Foran Mining Corporation, will contribute to the province's economic growth and provide sustainable career opportunities for residents in the north. The mine will produce copper, zinc, gold, and silver over an 18-year initial mine life, with a capital investment of over $1 billion.

Key Takeaways:

  • The McIlvenna Bay mine will be the first new base metal mine in Canada in over a decade, supplying critical minerals for clean energy, advanced manufacturing, and modern infrastructure.
  • The project is a key component of Saskatchewan's Critical Minerals Strategy, which aims to double the production of critical minerals in the province from three to six and establish Saskatchewan as a hub for Rare Earth Elements (REE).
  • The strategy's goals are being achieved, with exploration spending projected to reach $408 million in 2025 and surpass the target of Saskatchewan accounting for 15% of all Canadian exploration spending.
  • Other industries, such as potash, uranium, and helium, saw record production in 2024, and the government is supporting the project through the Critical Minerals Processing Investment Incentive.
  • Saskatchewan is on track to reach the goal of doubling the number of critical minerals produced, with McIlvenna Bay and Prairie Lithium's extraction facility both coming into production over the next year.

Statistics:

  • Capital investment in the McIlvenna Bay mine: over $1 billion
  • Initial mine life: 18 years
  • Projected exploration spending in Saskatchewan in 2025: $408 million
  • Target of Saskatchewan accounting for Canadian exploration spending: 15%
  • Record production of potash, uranium, and helium in 2024:
  • Saskatchewan is the largest primary producer of critical minerals in Canada
  • McIlvenna Bay will be one of the first, if not the first, plants of its scale to come online in North America in the Rare Earth Elements (REE) industry

Sources:

  • Saskatchewan Government, "Released on October 15, 2025"
  • Critical Minerals Strategy
  • Saskatchewan Mining Association, President Pam Schwann
  • Saskatchewan Research Council's Rare Earth Processing Facility
  • Foran Mining Corporation
  • Euclid Infotech Pvt. Ltd.