Government of Canada investing in Foran Mining Corporation's critical minerals production in Saskatchewan

Working with the company to take the next step toward a carbon-neutral copper and zinc mine

SASKATOON, SK, Jan. 28, 2025 /CNW/ - Investments in critical minerals infrastructure are essential for Canada to seize the enormous economic opportunity presented by the low-carbon economy and to capitalize on our rich mineral resources. Canada is well positioned to be a global leader in critical minerals and a first-class producer of a wide variety of these minerals, which are essential for powering the clean economy, strengthening national defence capabilities and ensuring national and economic security. By developing and expanding critical minerals value chains—from mining and processing to manufacturing and recycling—Canada can create good jobs, support economic opportunities and contribute to a resilient and secure future.

Today, the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, on behalf of the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced a $41 million investment in Foran Mining Corporation. This investment, being made through the Strategic Innovation Fund (SIF), will support the company's $263.7 million project to adopt and integrate clean innovative technologies at Foran's McIlvenna Bay mine in Saskatchewan. Foran is striving for its project to be the first carbon-neutral copper project in Canada.

Through this SIF contribution, Foran will be able to purchase a battery-electric vehicle fleet, purchase and integrate a ventilation-on-demand and heat recovery system, develop a water recycling system, and integrate a pyrite removal system at its facility. Once completed, the project at McIlvenna Bay mine is expected to be a blueprint for responsible and sustainable mining. This funding builds on an investment of up to $20 million from the federal government's Critical Minerals Infrastructure Fund made in December 2024 to enable the construction of a hydro transmission line to connect to clean hydroelectricity, build an on-site substation, and put in place electrical vehicle charging infrastructure.

Saskatchewan is a leader in mining and innovation. The mining sector alone supports approximately 30,000 direct and indirect jobs across the province, and 27 out of Canada's 34 critical minerals can be found there. In alignment with the Canadian Critical Minerals Strategy, this investment will increase the domestic supply of two key minerals required for the transition to a clean and digital economy: copper and zinc. Foran's project will support the development of domestic value chains from exploration to manufacturing. The mine will also bring significant benefits to the province of Saskatchewan and Indigenous communities by maintaining nearly 400 full-time jobs and providing employment and economic opportunities to Indigenous communities.

Quotes

"Developing our abundant critical minerals resources in Saskatchewan will drive economic opportunity and create jobs. Foran's McIlvenna Bay mining project alone will support nearly 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 Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources

"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."
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

"Critical minerals are vital to Saskatchewan's economy and play a key role in driving Canada's transition to a net-zero economy. Canada has the resources the world needs, and today's announcement highlights how we can leverage these strengths to build a prosperous Prairie economy—one that supports resilient businesses and thriving communities."
– The Honourable Terry Duguid, Minister responsible for Prairies Economic Development Canada

"We are honoured to secure additional support from the Government of Canada to advance the development of McIlvenna Bay toward production. This contribution reinforces Foran's commitment to building sustainable mining practices by integrating innovative technologies such as battery-electric vehicles, water recycling systems and heat recovery systems into our operations. It is a testament to the strength of our asset and team, positioning Foran to become the next source for 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."
– Dan Myerson, Executive Chairman and CEO, Foran Mining Corporation

Quick facts

• The Strategic Innovation Fund (SIF) provides major investments in innovative projects that will help grow Canada's economy for the benefit of all Canadians. SIF covers all sectors of the economy and is available to for-profit and not-for-profit organizations, with the goal of supporting the Canadian innovation network.
• Foran's 104,785 hectare McIlvenna Bay property is located in east-central Saskatchewan, approximately 65 km west of Flin Flon, Manitoba (85 km by road).
• The McIlvenna Bay deposit is one of the largest undeveloped deposits of copper in Canada. Foran recently (2024) announced approval by the Board of Directors for the project to proceed to the formal construction phase, with initial production expected in the fourth quarter of 2025.
• This project targets one of the six key minerals outlined in the Critical Minerals Strategy: copper, nickel, cobalt, lithium, graphite and rare earth elements.
• The Framework to Build a Green Prairie Economy is about listening to our Prairie partners. It's about redoubling collaboration and cooperation, with everyone working to achieve the common goal of building a strong and prosperous Prairie economy where no one is left behind. The Framework's foundational principles include being regionally and locally focused, supporting economic reconciliation with Indigenous Peoples, respecting jurisdictional roles, engaging more openly, and improving federal coordination.
• To learn more about the framework, next steps, and areas of focus, visit the PrairiesCan Building a Green Prairie Economy web page.

Associated links

• Foran Mining Corporation
• Strategic Innovation Fund
• Canada's Critical Minerals Strategy
• Canada Invests in Infrastructure Upgrades to Support Critical Minerals Development in Saskatchewan
• Building a Green Prairie Economy

Stay connected

Find more services and information on the Innovation, Science and Economic Development Canada website.

Follow Innovation, Science and Economic Development Canada on social media.
X (Twitter): @ISED_CA | Facebook: Canadian Innovation | Instagram: @cdninnovation | LinkedIn: Innovation, Science and Economic Development Canada

SOURCE Innovation, Science and Economic Development Canada

Contacts: Audrey Milette, Press Secretary, Office of the Minister of Innovation, Science and Industry, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, [email protected]