Foran Mining Corporation has secured up to C$41m in funding from the Canadian Government’s Strategic Innovation Fund (SIF) to support the integration of clean technologies at its 100%-owned McIlvenna Bay copper-zinc mine in Saskatchewan, Canada.
The company aims to establish the first carbon-neutral copper project in Canada with this investment.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe package will support Foran’s $263m project to adopt and integrate clean and innovative technologies at the mine. Approximately $226m of these costs are within the project’s phase one capital budget, as reported on 15 July 2024.
The SIF funding will cover 15.6% of certain eligible costs or up to a total of C$41m, incurred before 31 December 2026. The funding is partially repayable.
Eligible costs include investments in battery-electric underground mining equipment, a remote-operations control centre, on-demand ventilation and heat recovery systems, water recycling systems and pyrite removal technologies.
Minister of Energy and Natural Resources Jonathan Wilkinson said: “Developing our abundant critical minerals resources in Saskatchewan will drive economic opportunity and create jobs.
“Foran’s McIlvenna Bay mining project alone will support over 400 jobs and reinforce Saskatchewan’s position as a global mining leader by producing more Canadian copper and zinc to supply our own needs and those of our allies.
“Canada will continue to be a partner in the development of our critical minerals supply chains, from end to end, in order to drive economic benefits and contribute to a secure future.”
The construction of the C$604m McIlvenna Bay mine was approved in June last year.
Once operational, the mine is expected to serve as a model for responsible and sustainable mining practices.
This funding complements a previous investment of up to $20m from the federal government’s Critical Minerals Infrastructure Fund, allocated in December 2024, for the construction of a hydro transmission line, an on-site substation and electrical vehicle charging infrastructure.
Foran executive chairman and CEO Dan Myerson said: “We are honoured to secure additional support from the Government of Canada to advance the development of McIlvenna Bay towards production.
“This contribution reinforces Foran’s commitment to building sustainable mining practices by integrating innovative technologies such as battery-electric vehicles, water recycling systems, heat recovery systems and pyrite removal in mine tailings into our operations.
“It also supports sustainable resource development, creating jobs and promoting responsible mining practices in Saskatchewan. Unlocking this low-cost capital reflects the strength of McIlvenna Bay and highlights the critical need for upstream projects to grow Canada’s domestic supply of copper.”
Foran also secured a financial package totalling up to C$315m in July 2024 to support the initial phase of the project.
