Canadian copper-zinc miner Foran Mining has announced it executed definitive subscription agreements “pursuant to which certain entities controlled by Fairfax Financial Holdings Limited … will complete the strategic C$100 million invest-ment in the company.”
The miner said in a statement the latest move is part of “an effort to create a global carbon neutral mining company and advance McIl-venna Bay as Canada’s first carbon neutral copper mine.”
Foran Mining says its flagship project, McIlvenna Bay, is the largest undeveloped volcanogenic massive sulphide (VMS) deposit along the Flin Flon Greenstone Belt, located in Canada’s Saskatchewan, Canada.
“Our goal is to build the first mine in Canada designed to be carbon neutral from day one of production. We are in the feasibility stage of development for our flagship McIlvenna Bay project,” according to Foran Mining.