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Foran Mining plans to turn its McIlvenna Bay project into the world’s first carbon-neutral copper mine - and they just got $100 million in financing to do it.
Foran Mining Corp, a Vancouver-based copper-zinc-gold-silver exploration and development company, has agreed to receive C$100 million in a private placement.
McIlvenna Bay world’s first carbon neutral copper project May 18, 2021 Commodities The McIlvenna camp in Saskatchewan. Credit: Foran Mining. Foran Mining (TSXV: FOM; OTCQX: FMCXF) reports that its 100%-owned McIlvenna Bay is the world’s first carbon neutral copper development project. The milestone was reached following the completion of carbon purchases to offset emissions from 10 years of exploration. The total emissions for 2011-20, including land use changes, fuel use and travel related sources, was 5,745 tonnes of carbon dioxide equivalent. The measuremen...
“I am very excited about the target on Albert’s Lake,” says Kelly Gilmore, an award-winning geologist, former chief exploration geologist for Hudbay and current Copper Reef board member. “It is very rare these days, after years of exploration in a mature mining camp, that you find a target like this one. It shares all the geophysical characteristics that known copper-zinc mines and mineral deposits typically have, and it is located in exceptionally good geology.” Stephen Masson, president and CEO of the Flin Flon-based Copper Reef, refers to the find as “a huge anomaly.” “T...
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