The Government of Saskatchewan says its Critical Minerals Processing Investment Incentive (CMPII) will support the development of Foran Mining Corporation’s McIlvenna Bay mine, a project expected to begin commercial production in mid-2026.
The McIlvenna Bay project, located west of Creighton, represents more than $1 billion in total capital investment. It includes an underground copper, zinc, gold, and silver mine, along with an above-ground processing facility capable of handling 4,900 tonnes of ore per day over an initial 18-year mine life.
Energy and Resources Minister Colleen Young said the project highlights Saskatchewan’s appeal for resource investment.
“It is incredibly exciting to see this critical minerals project come to life in Saskatchewan,” Young said. “Our province’s rich resources, competitive business environment and reliable regulatory framework make Saskatchewan one of the top places in the world for companies like Foran to invest in major projects. We look forward to the McIlvenna Bay mine growing our economy and continuing to create long-term employment opportunities in the north.”
Foran’s Chief Financial Officer James Steels said the CMPII demonstrates the province’s commitment to responsible resource development.
“We are grateful for the Government of Saskatchewan’s continued support of the McIlvenna Bay Project, and the CMPII is a strong example of the province’s commitment to responsible resource development that underpins Saskatchewan as Canada’s leading jurisdiction for mining investment,” Steels said.
The CMPII, introduced in 2024, supports value-added processing projects for 11 emerging critical minerals, including copper and zinc. The incentive and the related Saskatchewan Critical Minerals Innovation Incentive (SCMII) provide transferable royalty and freehold production tax credits on eligible project costs. Both programs aim to double the province’s critical mineral production by 2030, according to Saskatchewan’s Critical Minerals Strategy.
Saskatchewan is Canada’s largest primary producer of critical minerals and holds 27 of the 34 minerals on the national list. The province is the world’s leading potash producer, second-largest uranium producer, and Canada’s largest helium producer, with new lithium and helium projects also advancing.
Mining remains a significant contributor to the provincial economy, with planned investment exceeding $7 billion in 2025 and direct employment for more than 11,000 people. The province continues to rank as Canada’s top jurisdiction for mining investment, according to the Fraser Institute.