Recording fees for mineral permits in Saskatchewan will be cut in half to 15 from 30 per hectare in order to encourage exploration.
In addition, cash deposits for new permits will be reduced to $15,000 from $25,000 and first-year expenditure requirements for mineral permits will drop to $1.25 from $2 per hectare.
“These actions will help promote increased investment in mineral exploration and development, particularly in northern Saskatchewan,” says Andrew Thomson, the province’s minister of energy and mines.
Meanwhile, the province is streamlining the uranium royalty system. Recent changes include: multiple royalty tiers that apply as the price per kilogram of uranium sales increase; full indexing for inflation; provisions for corporate reporting; and a small producer credit.
Other initiatives include: adjustments to sales tax provisions applied to exploration equipment; reductions to fees for mineral claims; significant reductions to the royalty system for gold and base metals; amendments to the royalty system for potash; and a 10% mineral exploration tax credit.
During the past year, the province’s mining industry invested $30 million in exploration.
Saskatchewan is the largest producer of uranium and potash in the world, accounting for more than a third of global production.
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