Canada’s Foran Mining and Fairfax Holdings have signed an agreement in which the latter will invest C$100mn ($82.52mn) through an equity placement to develop Foran’s McIlvenna Bay copper-zinc project in Manitoba, Canada.
Fairfax will buy the common shares in two parts of C$50mn each and Foran will use the net proceeds for developing the facility and its centralized mill in the Hanson Lake district. The mine will be Foran’s first carbon-neutral unit, the company noted on Wednesday.
McIlvenna Bay is still in the exploration and feasibility study phase and its total probable copper and zinc capacity, according to a 2020 study, was 11.3mn mt across different grades.
Foran will continue to look for more investment partners for the project.