On behalf of the Government of Saskatchewan, I am pleased to provide an update on our provincial potash sector.
Saskatchewan’s potash industry contributes to the livelihoods of thousands of families, accounting for approximately 11 per cent of provincial GDP and directly employs roughly 5,400 people.
Saskatchewan potash hit all-time record highs in 2021, with production reaching 14.2 million tonnes K2O and the value of sales hitting $7.6 billion. Potash demand has remained very strong in 2022 with sales to date already well above the 2030 Saskatchewan Growth Plan target of $9B in annual potash sales. This is thanks to Saskatchewan potash being sold to over 40 countries around the world, including Canada.
Now more than ever, we are fortunate in Saskatchewan to have the food, fuel, and fertilizer the world needs. As the tragic events in Ukraine force the world to turn away from Russian and Belarusian potash, Saskatchewan’s industry is stepping up. Nutrien Ltd., The Mosaic Company, and K+S Potash Canada have all committed to significant production increases to help ensure Saskatchewan is a solution to the ongoing global food security challenges. They are providing high-quality, environmentally responsible, and sustainable products through a safe and reliable supply chain.
In fact, these companies are among the most innovative and competitive in the world. They exemplify the pioneering and entrepreneurial spirit that defines the best qualities of Saskatchewan’s people and businesses.
Our government is committed to creating a business environment that fosters and grows investment to create sustainable jobs and growth in our communities. Over the last 15 years, the potash industry has committed approximately $30B of investment toward new mines and expansions. Potash companies operating in Saskatchewan can count on the support of the Government of Saskatchewan every step of the way.
As the largest potash producer in the world and the sole producer in Canada, it is vital to
reinforce Saskatchewan’s reputation with the global resource industry as a preferred place to do business. Even as the global economy continues to push through a challenging environment that has brought major changes to growth and activity worldwide, one fact has not changed, Saskatchewan will remain a destination where resource companies can find some of the world’s best prospects for development.