Foran Mining Company has signed a contribution settlement with the Canadian Authorities underneath the federal government’s Strategic Innovation Fund (SIF), for funding of as much as C$41 million ($28.4 million) to assist help bills associated to varied applied sciences deliberate for inclusion at its McIlvenna Bay challenge, in Saskatchewan, Canada.
These applied sciences embody battery-electric automobiles (BEVs), water recycling techniques, warmth restoration techniques and pyrite removing in mine tailings.
This newest funding from SIF represents the primary such funding focused in direction of a copper growth challenge in Canada and is likely one of the few mining initiatives to obtain SIF funding, Foran says.
McIlvenna Bay is positioned in east-central Saskatchewan, roughly 375 km northeast of Saskatoon and 85 km West of Flin Flon, Manitoba, and is accessible year-round by way of a 18 km all-weather highway. The 4,900 t/d challenge is designed to be a decline/shaft underground mining operation utilizing typical long-hole mining strategies for ore extraction with cemented paste fill alternative. Ore is anticipated to be processed by way of a standard single stage crushing circuit with a semi-autogenous grinding (SAG) mill and ball mill design. Grinding is deliberate to be adopted by a flotation circuit to supply each a copper and zinc focus for transportation from website to the Flin Flon space for cargo by rail for additional refinement. Moreover, a pyrite focus might be produced and launched throughout the cemented paste fill recipe for storage underground.
Again in 2022, Sandvik Mining and Rock Options confirmed that Foran had chosen the corporate to produce a fleet of 20 BEVs, together with vans, loaders and drills, for the challenge, as a part of Foran’s ambition to develop into one of many world’s first carbon-neutral copper growth initiatives.
The Honourable François Phillipe-Champagne, Minister of Innovation, Science, and Business, stated: “Our government is committed to a net-zero future for Canada, and this project is precisely the investment we need to secure Canada’s position as a global leader in clean technologies and responsibly sourced mineral products. This investment will help Foran leverage technological innovation to make critical minerals development more sustainable, reduce greenhouse gas emissions and contribute to the economic development of rural, remote and Indigenous communities. It is a win for the planet, communities across the country and all Canadians.”
Dan Myerson, Foran’s Government Chairman and CEO, added: “We are honoured to secure additional support from the Government of Canada to advance 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 is a testament to the strength of our asset and team, positioning Foran to become a source of Canadian critical mineral production. 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.”
The SIF is managed by Innovation, Science and Financial Improvement Canada (ISED) and performs a key function in offering help for modern initiatives in Canada throughout all sectors, Foran explains. SIF fosters the event of Canadian companies that need to make investments, develop and create jobs for Canadians. SIF was created in 2017 and incorporates a number of legacy applications already administered by ISED.
The SIF funding consists of attracts as much as a complete of C$41 million, or 15.6% of sure eligible prices incurred previous to December 31, 2026, whichever is decrease. It’s primarily based on eligible prices of C$263 million of which roughly $226 million are inside Foran’s Section 1 capital funds for McIlvenna Bay.
