Foran Mining is planning to hold its latest information session in Creighton next week.
Representatives from the mining company will be at the Creighton Community Centre Jan. 11 from 3 p.m. to 7 p.m. as part of a series of information sessions. The sessions are based on the company's ongoing work at McIlvenna Bay, its current marquee mine project about 80 kilometres away from Flin Flon.
Foran plans to open the world's first carbon-neutral copper mine at the site at some point. No firm opening date or ballpark figure has been released. The company is continuing exploration and drilling on the site and has started to develop a decline at the site - development of which has been delayed until later this year due to an issue with the company's water permits.
Between initial and sustaining capital costs, the total price tag to start a mine at McIlvenna Bay has been put at just shy of $850 million by Foran. The company is also continuing exploration at zones of interest elsewhere near its main site, including areas it has dubbed the Bigstone, Marconi and Tesla zones - each of which is located either on or near the McIlvenna Bay property.
Financing
The meeting comes on the heels of Foran representatives announcing that the a project credit facility had closed with the company - the facility, with a fund managed by Toronto-based Sprott Resouce Lending, will put as much as US $150 million into Foran's coffers, according to a company announcement from last month. That deal includes an initial advance of US $29.5 million - repayments to Sprott will begin in summer 2026. That money will go toward further development of McIlvenna Bay, according to company spokespeople.
Foran secured financing from several other sources last year, including the Ontario Teachers’ Pension Plan, one of Canada’s largest pension providers and independent financiers. Foran announced it had reached a non-binding term sheet with the fund in August - if all terms are met, Foran stands to receive about $200 million in financing from the fund. According to an announcement from the company released in late December, part of that investment will be completed and closed in the near future, following the announcement of the credit facility.
The company also reached a deal in May with Toronto-based Fairfax Financial Holdings to pump $100 million into the company and had another deal in July with Swedish heavy equipment maker Sandvik to provide electric-powered vehicles, drills, loaders and charging equipment.
