On behalf of Premier Scott Moe and the Government of Saskatchewan, I am pleased to share updates on the potash sector from the past year.
Saskatchewan potash producers continue stepping up to alleviate global food security challenges. In 2023, producers achieved a new record volume of sales of 14.5 million tonnes K2O, delivering sustainable Saskatchewan fertilizer to the world. BHP also made further commitments to its Jansen potash project, approving an investment of $6.4 billion for the construction of Jansen Stage 2 to follow up on the $12.4 billion that had previously been confirmed for the future mine.
The year was not without challenges. The prolonged port workers’ strike in British Columbia and a St. Lawrence Seaway workers’ strike in Ontario and Quebec disrupted supply lines. This impacted operations for Nutrien, Mosaic, and K+S Potash Canada and resulted in production curtailments. Despite these difficulties, potash producers finished the year with solid results.
The potash industry plays an essential role in the Saskatchewan economy. The strength of the sector continues to keep Saskatchewan on track to meet the province’s 2030 Growth Plan targets and Critical Minerals Strategy objectives. The combination of world-class resources, a responsible development regime, and the commitment of our industry partners has strengthened Saskatchewan’s position as the number-one potash producer in the world.
Over the past 18 years, the Saskatchewan potash industry has committed over $35 billion of capital investments in expansions and new mines. The sector is also a significant contributor to Saskatchewan families and communities. Nearly 6,000 potash workers and their families call Saskatchewan home with thousands more employed in the mining supply and service sector. In 2022, companies working in the province invested $35.5 million in community initiatives, programs, and causes that boost quality of life in Saskatchewan.
It’s also worth highlighting that the hundreds of millions to billions of dollars these companies contribute each year in royalties and taxes fund improvements to Saskatchewan’s infrastructure and government programs — emphasizing how the sector benefits the province.
As global populations grow and demand higher-quality food ingredients, I am confident that Saskatchewan will continue to step up and meet that demand in 2024 and beyond.
Thank you.