(Photo: McIlvenna Bay site, Foran Mining)
Minister responsible for Sport and Prairies Economic Development, Terry Duguid, visited Saskatchewan this week to speak with First Nations leaders and announce funding towards a mining project.
Duguid spoke with Prince Albert Grand Council leaders as well as leaders of the Athabasca basin to discuss their economic priorities. Speaking to MBC Radio News, Duguid stated that the leaders look forward to collaborating with companies and governments on resource development.
“I was very, very impressed with their can-do attitude and the vision they have for the future,” he said.
Also this week, Minister Duguid, along with other ministers and leaders, announced a $41 million investment in Foran Mining Corporation’s McIlvenna Bay project.
The investment is being made through the federal government’s Strategic Innovation Fund (SIF), which is meant to provide investments in innovative projects that will help grow Canada’s economy for the benefit of all Canadians.
Through the $263.7 million project, Foran is striving to make the McIlvenna Bay Canada’s first carbon-neutral copper mine.
“It will have a very, very low carbon footprint, producing a little or negative greenhouse gas emission,” stated Duguid.
With the funding announced, Foran will be able to purchase an 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.
The funding builds on an investment of $20 million from the federal government’s Critical Minerals Infrastructure Fund, which was made in December 2024 to enable the construction of a hydro transmission line, build an on-site substation, and put in place electrical vehicle charging infrastructure.
“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.” Stated Dan Myerson, Executive Chairman and CEO, Foran Mining Corporation.
Along with boosting Saskatchewan’s economy, the project is anticipated to create hundreds of jobs for Indigenous people in the province and provide economic opportunities to Indigenous communities.
“It is going to employ a lot of people, many of them from surrounding Indigenous communities, particularly Peter Ballantyne Cree Nation, and so it is going to have a very positive impact on the Saskatchewan economy and the broader Canadian economy,” explained Duguid.