Massive Mining Projects Dominate $55 Billion in Industrial Development in Saskatchewan

Researched by Industrial Info Resources (Sugar Land, Texas)--Karnalyte Resources Incorporated (TSX:KRN) (Okotoks, Alberta) recently announced that it has awarded Foster Wheeler Canada an engineering, procurement, and construction management services contract for a $2 billion potash solution mine and processing plant in Wynyard, Saskatchewan. Saskatchewan is the world's largest producer and exporter of potash, and the new contract highlights the growing opportunity in the province's mining sector.

Click on the image at right to view a breakdown of Saskatchewan projects by industry.

In 2011, Saskatchewan supplied almost 30% of the world's potash and 20% of the world's uranium, according to the Saskatchewan Mining Association. In addition to newcomers like Karnalyte Resources, three firms--Agrium Incorporated (NYSE:AGU) (Calgary, Alberta), The Mosaic Company (NYSE:MOS) (Plymouth, Minnesota) and Potash Corporation of Saskatchewan (NYSE:POT) (Saskatoon, Saskatchewan)--operate 10 potash mines in the province. All are planning major expansions of potash mines in Saskatchewan.

Currently, there are 143 industrial projects totaling $55 billion under development in the province, according to Industrial Info's North America Industrial Project Database.

Metals & Minerals Industry projects, led by the mining sector, account for 75% of the value of industrial projects being developed in Saskatchewan.

The second-largest industry for project development in Saskatchewan is the Power Industry, which has 29 projects totaling $8.5 billion. The Oil & Gas, Refining and Chemical Processing industries also have projects totaling $4.3 billion.

The Wynyard Potash project is being developed in three phases, the first of which is scheduled to begin construction late this year. Growing demand for fertilizer is driving potash mining projects around the world.

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