Energy & Metals
Saskatchewan Energy & Mining Resources in World Markets:
Global exploration budgets rose 16% in 2022, following a strong 34% rebound in 2021. After budgets fell 10% year over year to $8.35 billion in 2020 due to the COVID-19 shock, nonferrous global exploration budgets hit a nine-year high of $13.01 billion in 2022. The increase was driven by escalating interest in the global energy transition as part of global decarbonization efforts and by the ongoing pandemic recovery, and was supported by strong metals prices and healthy financing conditions.
Source 2023 S&P Global Market Intelligence. World Exploration Trends
Saskatchewan has seen an increase in capital investment in the past year and continues to attract new investment in the mining and resources sector, especially in rare earth minerals, gold and some base metals.
The energy sector in Western Canada remains strong but as people and governments seek to limit carbon emissions, 20 of the world's 30 largest mining companies by market capitalization have set net-zero or carbon neutrality goals, with 2050 as the most common target year for emissions cuts. Some of the largest direct emission cuts will come from switching to renewable energy to power mine operations, according to various reports.
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