Canada Invests $41 Million in Foran Mining’s Emission-Free Copper Production

The Canadian federal government has announced a $41 million investment in Foran Mining Corporation’s Saskatoon office to support the development of emissions-free copper production. The funding will be used to expand Foran’s McIlvenna Bay plant in Saskatchewan, creating 400 new jobs and advancing the country’s transition to a net-zero carbon economy.

James Steels, Chief Financial Officer of Foran, emphasized the collaboration with the government in aligning with Canada’s clean energy goals. He highlighted the substantial nature of the investment, which is part of a broader plan to inject over a billion dollars into the project. The long-term outlook remains positive, with the mine expected to operate for several decades.

Copper from the McIlvenna Bay plant will be used in applications such as electric vehicle batteries, water recycling systems, and heat recovery systems. This new funding builds on a previous $20 million government investment aimed at connecting the mine to net-zero hydro power.

The latest financial support will enable Foran to implement several sustainability initiatives, including the purchase of a battery-electric vehicle fleet, ventilation-on-demand systems, heat recovery systems, a water cycling system, and a pyrite removal system. Federal Minister of Earth and Natural Resources Jonathan Wilkinson stated that the project will serve as a blueprint for responsible and sustainable mining beyond Saskatchewan’s borders.

Foran Mining continues to receive strong support from both federal and provincial governments, reinforcing Saskatchewan’s position as a favorable location for long-term mining operations.