The company said it expects to begin construction early next year with plans to be operating by 2024.
“We are confident in the continued growth and competitiveness of the canola processing industry and look forward to helping farmers access increasing market demand,” said Jeff Vassart, Cargill Canada president.
“Through these projects, we’re committed to providing a better, more efficient customer experience across our network, making it easier to do business with Cargill.”
The new state-of-the-art facility is expected to cost $350 million and is projected to have an annual production capacity of one million metric tonnes.
Cargill said it will provide fast and consistent delivery for farmers and end users. The project is also expected to generate about one million hours of employment during construction.
Once complete, the facility will add about 50 full-time positions.
“Saskatchewan is a leader in agriculture production and through investments such as this we are growing our capacity to process these products at home,” Saskatchewan Premier Scott Moe said.
“We welcome this significant investment and look forward to working with Cargill to add value to the canola our producers grow, create local jobs and support Saskatchewan’s economic growth.”
The company said it is also planning on updating and modernizing its canola plants in Camrose, Alta., and Clavet, Sask., over the next 12 months.