The Canadian government has committed up to C$41-million in funding to Foran Mining’s McIlvenna Bay project in Saskatchewan, marking the first Strategic Innovation Fund (SIF) investment in a copper development project in the country.
The funding, provided under the government’s SIF programme, will support the integration of advanced mining technologies, including battery-electric vehicles, water recycling systems, heat recovery solutions, and pyrite removal in mine tailings.
A portion of the funding will be nonrepayable, while the remainder will be an unconditional repayable contribution.
“Foran’s McIlvenna Bay mining project alone will support over 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,” said Energy and Natural Resources Minister Jonathan Wilkinson in a statement on Tuesday.
Innovation, Science, and Industry Minister François-Philippe Champagne said the project has an important role to play in advancing Canada’s position in clean technologies and sustainable mineral production. “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.”
The funding agreement aligns with the government’s focus on clean technologies and critical minerals as outlined in the 2023 federal Budget. The SIF programme, administered by Innovation, Science and Economic Development Canada, aims to accelerate the growth of innovative Canadian businesses and attract large-scale investments in industrial transformation projects.
Foran Mining executive chairperson and CEO Dan Myerson welcomed the funding, stating that it underscored the company’s commitment to sustainable mining practices and positions Foran as a key player in Canada’s critical minerals sector.
“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,” Myerson said.
The funding will cover eligible expenses incurred before December 31, 2026, with draws based on investments in battery-electric underground mining equipment, remote-operations control centres, ventilation and heat recovery systems, water recycling, and pyrite removal technologies.
McIlvenna Bay hosts one of the biggest undeveloped volcanogenic massive sulphide deposits in the region, with indicated resources of 39-million tonnes grading 1.2% copper, 2.16% zinc, 0.41 g/t gold and 14 g/t silver.
A feasibility study published in 2022 outlines that current mineral reserves would potentially support an 18-year underground mine operation capable of producing an average of 65-million pounds a year of copper equivalent.