Federal government invests $41 million in Foran to produce net-zero copper

The federal government is making a $41 million investment in Foran Mining Corporation’s Saskatoon office.

On Tuesday, the feds announced the funding for Foran was to help it produce copper without emissions in the future.

The money will be used to expand Foran’s plant in McIlvenna Bay and will create 400 new jobs.

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The federal government has awarded Foran $41 million to help it produce copper without emissions in the future. Pictured are, from left, Foran CEO James Steels and federal Energy and Natural Resources Minister Jonathan Wilkinson. (Shane Clausing/650 CKOM)

James Steels, Chief Financial Officer for Foran, is excited to take the next steps of the major project.

“We’ve been collaborating with the government now for well over a year to put this together. The government wanted to make sure that we were investing in technologies that work in line with the vision the government has to transition into net-zero carbon economy,” Steels said.

“The funding is dramatic. It’s going directly into the ground, directly into the 400 jobs that we intend to create right here in Saskatchewan.”

He expects the payoff to be substantial and is confident in his plant’s ability to make the project a success.

“When we make investments, we think really long term. We’re investing all-in, likely, over a billion dollars from end to end. It’s a significant investment and it’s a significant mine that will go decades and decades,” Steels said.

“Our perspective in the long term is nothing but positive. We think we’re in the right commodity mix and we’re happy to be here.”

Copper from the plant will be used to create things like batteries for electric vehicles, water recycling systems and heat recovery systems.

The funding being giving to Foran is on top OF $20 million that was already invested by the government last year to connect the mine to net-zero hydro power.

“With this further injection of funding, Foran will take further steps to build the net zero or net negative mine through the purchase of a battery electric vehicle fleet, the purchase and integration of a ventilation on-demand and heat recovery system, the development of a water cycling system and the integration of a pyrite removal system.

“Once completed, the project will be a blueprint for responsible and sustainable mining for the industry far beyond the borders of Saskatchewan,” said federal Minister of Earth and Natural Resources Jonathan Wilkinson.

Steels is looking forward to seeing the project through.

“We work with all of our parties across all governments. We have a great relationship with the provincial government as well, and their support has been fantastic,” Steels said.

“Saskatchewan is a great place to operate, and we look forward to operating here for decades to come.”

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