Foran Mining Raises C$350 Million for McIlvenna Bay Project, Revises Capital Costs

Published: May 22, 2025 19:20

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[Foran Mining to Raise C$350 Million for McIlvenna Bay Copper-Zinc Project]
Canadian miner Foran Mining has announced a C$350 million non-brokered private placement to fund the development of its McIlvenna Bay copper-zinc project in Saskatchewan and exploration in the surrounding district. The financing is led by the Canada Growth Fund (CGF), which is contributing C$156 million, with participation from Agnico Eagle, Fairfax, and others.
The project is expected to create around 400 permanent jobs and boost Canada’s copper and zinc output by approximately 4% and 22%, respectively.
Foran has also revised the Phase 1 capital cost to C$1.08 billion, up from C$886 million, due to delays in construction, increased labor costs, and other factors. Despite this, construction progress remains steady, with about 32% already completed. The company maintains its target of achieving commercial production by mid-2026.

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