Foran Mining Corporation has signed a contribution agreement with the Canadian Government under the government’s Strategic Innovation Fund (SIF), for funding of up to C$41 million ($28.4 million) to help support expenses related to various technologies planned for inclusion at its McIlvenna Bay project, in Saskatchewan, Canada.
These technologies include battery-electric vehicles (BEVs), water recycling systems, heat recovery systems and pyrite removal in mine tailings.
This latest investment from SIF represents the first such investment targeted towards a copper development project in Canada and is one of the few mining projects to receive SIF funding, Foran says.
McIlvenna Bay is located in east-central Saskatchewan, approximately 375 km northeast of Saskatoon and 85 km West of Flin Flon, Manitoba, and is accessible year-round via a 18 km all-weather road. The 4,900 t/d project is designed to be a decline/shaft underground mining operation using typical long-hole mining methods for ore extraction with cemented paste fill replacement. Ore is expected to be processed via a conventional single stage crushing circuit with a semi-autogenous grinding (SAG) mill and ball mill design. Grinding is planned to be followed by a flotation circuit to produce both a copper and zinc concentrate for transportation from site to the Flin Flon area for shipment by rail for further refinement. Additionally, a pyrite concentrate will be produced and introduced within the cemented paste fill recipe for storage underground.
The Honourable François Phillipe-Champagne, Minister of Innovation, Science, and Industry, said: “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 Executive 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 Economic Development Canada (ISED) and plays a key role in providing support for innovative projects in Canada across all sectors, Foran explains. SIF fosters the development of Canadian businesses that are looking to invest, grow and create jobs for Canadians. SIF was created in 2017 and incorporates several legacy programs already administered by ISED.
The SIF funding consists of draws up to a total of C$41 million, or 15.6% of certain eligible costs incurred prior to December 31, 2026, whichever is lower. It is based on eligible costs of C$263 million of which approximately $226 million are within Foran’s Phase 1 capital budget for McIlvenna Bay.