An aluminum deposit in east central Saskatchewan contains so much of the critical mineral that it’s a “possible game changer” for North American supply chains.
The Canadian Energy Metals Corp. (CEM) made that comment in a news release Thursday when it announced the results of its Preliminary Economic Assessment (PEA) of the mine.
The deposit, dubbed the Thor Project by CEM, is a discovery of possible global significance, the organization said.
“This PEA confirms that the Thor Project is a possible game changer for North America’s aluminum supply chain,” said Christopher Hopkins, president and chief executive officer of CEM, in the release.
“In our world, anything that moves products, transmits power or stores energy uses aluminum. We have established a world-leading, secure source of alumina right here in Saskatchewan. Our next focus is to engineer a demonstration facility while moving Thor towards commercialization.”
Story continues below advertisement
The PEA mineral resource estimate includes a measured and indicated resource of 49.5 billion tonnes, containing 6.8 billion tonnes of alumina, with an inferred resource of 86.6 billion tonnes.
Get daily National news
Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day.
CEM’s PEA financial model contemplates a surface mining and processing operation with an average throughput of 16.5 million tonnes per year of ore feed, supporting alumina production of 1.8 million tonnes per year over a 25-year project life.
Economic assumptions include initial capital expenditures of US$6.3 billion and operating costs of US$1.6 billion. The modelled internal rate of return (IRR) is 72 per cent (after-tax) and the net present value of cash flows is US$72.3 billion (discounted at 10 per cent after-tax).
Trending Now
Trump threatens Canada with 50% tariff on aircraft sold to U.S.
Team Canada skeleton actions ruled ‘intentional’ to keep U.S. athlete out of competition
More on Money
More videos
“Based on current projections and assumptions more fully described in the PEA, if developed and commercialized, the Thor Project has the potential to create an entirely new processing and value-added industry for Saskatchewan and North America,” the release reads.
“The construction and operations could support high-paying jobs, royalty and tax revenues, and spur regional economic growth for decades.”
Saskatchewan Premier Scott Moe told reporters Thursday the province is becoming a “global player” in alumina deposits.
“When you see you have a resource find of this quantity and quality and the geology of it in the space that it’s in, it becomes even more attractive for our province and again the world,” he said.
Story continues below advertisement
“I’d say we most certainly as a province are on track to achieve that target of expanding the number of minerals that are available in Saskatchewan.”
© 2026 Global News, a division of Corus Entertainment Inc.