Canadian copper-zinc miner Foran Mining has announced it completed a C$100 million (US$80 million) investment in the company by Fairfax Financial Holdings Limited.
“The net proceeds of the financing will be used to rapidly advance the development of the McIlvenna Bay project and centralized mill for the Hanson Lake District as well as further exploration on the company’s substantial land holdings,” the miner said in a statement.
The funds will also be used to enable “further investment in key tech-nological and operational research and equipment, and for general corporate purposes,” according to the statement.
McIlvenna Bay is the largest undeveloped volcanogenic massive sul-phide (VMS) deposit along the Flin Flon Greenstone Belt. The project is located in Canada’s Saskatchewan, Canada.
The latest initiative is part of “an effort to create a global carbon neu-tral mining company and advance McIlvenna Bay as Canada’s first carbon neutral copper mine,” according to the miner.