The provincial government is investing $31 million for a Rare Earth Element (REE) Processing Facility in Saskatchewan.
The REE facility will be owned and operated by the Saskatchewan Research Council, and is the first-of-it’s-kind in Canada.
REE metals are naturally occurring minerals that are described as “essential” to the modern global economy and economic development by the provincial government.
In a news release, the provincial government says global demand for these elements will increase significantly over the next decade with the development of electric vehicles, renewable power generation and all forms of electronics.
“Saskatchewan’s new Rare Earth Processing Facility will be a catalyst to stimulate the resource sector in Saskatchewan and across Canada, providing the early-stage supply chain needed to generate cash-flow, investment and industrial growth of the sector,” Premier Scott Moe said in a news release. “It will also help ensure the competitiveness of Saskatchewan as we focus on our economic recovery and grow our province over the next decade.”
The facility is to be fully operational in late 2022, with construction beginning this fall.
Saskatchewan Research Council is the second largest research and technology organization in Canada. More than 290 employees work there, and SRC generates $91 million in annual revenue by providing serves and products to 1,500 clients in 27 different countries.
