Patience Lake

Location
Saskatchewan, Canada

Operator
Nutrien Ltd.

Commodity
Potash

Asset Profile
2019 Royalty Revenue C$0.4 million

Patience Lake mine is a solution mining operation located due east of Saskatoon, Saskatchewan. The mine was producing as a conventional underground mine in the 1960s, however it was flooded in the 1980s and purchased by PCS which converted it to a solution mine. As this is the first mine to have been converted to a solution mining facility, there is no current estimate of remaining mining life. Royalty rates for all the potash assets are set by the province of Saskatchewan (3% in 2019), and are the function of the number of tonnes owned under unitization agreements × price × indexed multiplier. See The Subsurface Mineral Royalty Regulations, 2017