January 28, 2025 – Saskatoon, Saskatchewan
Investments in critical minerals infrastructure are essential for Canada to seize the enormous economic opportunity presented by the low-carbon economy and to capitalize on our rich mineral resources. Canada is well positioned to be a global leader in critical minerals and a first-class producer of a wide variety of these minerals, which are essential for powering the clean economy, strengthening national defence capabilities and ensuring national and economic security. By developing and expanding critical minerals value chains—from mining and processing to manufacturing and recycling—Canada can create good jobs, support economic opportunities and contribute to a resilient and secure future.
Today, the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, on behalf of the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced a $41 million investment in Foran Mining Corporation. This investment, being made through the Strategic Innovation Fund (SIF), will support the company’s $263.7 million project to adopt and integrate clean innovative technologies at Foran’s McIlvenna Bay mine in Saskatchewan. Foran is striving for its project to be the first carbon-neutral copper project in Canada.
Through this SIF contribution, Foran will be able to purchase a battery-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. Once completed, the project at McIlvenna Bay mine is expected to be a blueprint for responsible and sustainable mining. This funding builds on an investment of up to $20 million from the federal government’s Critical Minerals Infrastructure Fund made in December 2024 to enable the construction of a hydro transmission line to connect to clean hydroelectricity, build an on-site substation, and put in place electrical vehicle charging infrastructure.
Saskatchewan is a leader in mining and innovation. The mining sector alone supports approximately 30,000 direct and indirect jobs across the province, and 27 out of Canada’s 34 critical minerals can be found there. In alignment with the Canadian Critical Minerals Strategy, this investment will increase the domestic supply of two key minerals required for the transition to a clean and digital economy: copper and zinc. Foran’s project will support the development of domestic value chains from exploration to manufacturing. The mine will also bring significant benefits to the province of Saskatchewan and Indigenous communities by maintaining nearly 400 full-time jobs and providing employment and economic opportunities to Indigenous communities.