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Mosaic Company's announcement of a proposed $3.15 billion expansion to its potash operations in Saskatchewan is further confirmation of the province's robust mining industry and business climate.

MARKET CONDITIONS PERMITTING, the company will expand its operations over the next 12 years at its mines in Esterhazy, Belle Plaine and Colonsay.

"This is very exciting news by a leading company in our province," Energy and Resources Minister Bill Boyd said. "Our potash industry is thriving, with rapidly increasing interest from junior mining companies, as well as major corporations."

Saskatchewan produces one-third of the world's potash with potash sales at $3 billion last year. The potash industry directly employs 3,500 people in the province.

Exploration for potash accounted for $22 million in exploration expenditures in 2007, and that is expected to rise to $50 million this year. As world market demand grows, there is increasing interest in establishing additional operations within the province.

"Mosaic has expressed a vote of confidence in Saskatchewan," Boyd said. "This announcement is further proof we are a great place to do business. Our competitive business climate and stable royalty regime are attracting new investment to our resource sector."