There is potential for a prosperous helium market in Saskatchewan.

According to a report by the Saskatchewan Research Council, called Helium Liquefaction in Saskatchewan, all scenarios for the construction and operation of a liquefier in the province shows a positive return on investment over the life of the project.

The conclusion was based on current supply and estimated price of helium.

In a news release, the provincial government says a commercial scale helium liquefier could open more markets, create jobs and provide a financial return for owners.

“Research is key to understanding potential opportunities and identifying barriers to investment,” Energy and Resources Minister Jim Reiter said. “Information like this is valuable to industry when making their financial decisions.”

Helium is used in a variety of scientific, medical, and technological applications, from MRI machines to smart phones and fibre optic cable.

Last month, Saskatchewan and Japan signed a Memorandum of Cooperation that will deepen economic ties between the two. Helium is one resource that Japan is very interested in, according to Provincial Trade and Export Development Minister Jeremy Harrison at the time.