SASKATOON, SK, Dec. 20, 2024 /CNW/ – 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 and a first-class producer of a wide variety of critical minerals that are essential for powering the clean economy, strengthening national defense capabilities, and ensuring national and economic security. By developing and expanding critical mineral 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, announced that Foran Mining Corporation (Foran) has been conditionally approved for an investment of up to $20 million through the Critical Minerals Infrastructure Fund (CMIF), a key program under the Canadian Critical Minerals Strategy.
Funding announced today will enable the construction of a hydro transmission line to connect to clean hydroelectricity, an on-site substation and electrical vehicle charging infrastructure at Foran’s McIlvenna Bay mine project, with the goal of fully electrifying the mine. This infrastructure will support the development of the McIlvenna Bay site targeting carbon-neutral copper production, supporting Saskatchewan’s position as a premier mining jurisdiction.
Canada is committed to advancing economic reconciliation and building relationships with Indigenous Peoples by supporting their participation in infrastructure and critical minerals projects. The Government of Canada looks forward to engaging on this project with Indigenous partners in the region.
As global demand for critical minerals is expected to double by 2040, Canada is uniquely positioned to benefit from this growing market: we are abundant in many critical minerals and have the workers, businesses, and communities with the know-how to scale up the mining, processing and manufacturing of products and the recycling of these minerals responsibly. Critical minerals present a huge economic opportunity for workers — with the potential for hundreds of thousands of jobs to be created while stepping up to become the supplier of choice for our allies on the world stage and reduce our reliance on authoritarian governments.
Quotes
“Developing Canada’s abundant critical minerals drives economic opportunity and creates good jobs. In its drive to produce copper without polluting more, Foran’s project will help reinforce Canada’s position as a global supplier of choice for clean technology, clean energy and the resources the world needs to build a prosperous economy. Foran and many other businesses in Saskatchewan and beyond know that, moving forward, economic development and environmental sustainability must go hand in hand.”
The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources
“We are proud to advance the McIlvenna Bay project with the support of the Government of Canada. The investment in developing a hydro transmission line and supporting infrastructure will deliver renewable hydropower to our operations and open up a new critical minerals and mining district in Canada for generations to come — a key step in our plan to achieve net-zero carbon-copper production. This funding not only supports sustainable resource development but also drives economic growth, job creation and responsible mining practices in Saskatchewan, helping Canada solidify its leadership in critical minerals and clean energy.”
Dan Myerson
CEO and Executive Chairman, Foran
Quick Facts
- The Canadian Critical Minerals Strategy aims to advance the development of these resources and related value chains to drive the transition to a low-carbon economy and support advanced technology and manufacturing. Canada’s whole-of-government approach to critical mineral development is collaborative, forward-looking, iterative, adaptive and long-term. The initiatives presented in the Strategy will be implemented and refined in collaboration with provincial, territorial, Indigenous, industry and other Canadian and international partners.
- The CMIF is a key program under the Strategy. With up to $1.5 billion available until 2030, the program seeks to address key infrastructure gaps to enable sustainable critical minerals production and to connect resources to markets. The CMIF also supports clean energy and electrification initiatives as well as transportation and infrastructure projects that will enable the sustainable development of Canada’s critical minerals.
- The CMIF supports strategic priorities such as decarbonizing industrial mining operations, strengthening supply chains through transportation infrastructure and advancing economic reconciliation by supporting the participation of Indigenous Peoples in infrastructure and critical minerals projects.
Associated Links
- Canadian Critical Minerals Strategy
- Government of Canada Launches $1.5-Billion Critical Minerals Infrastructure Fund
- Programs and funding for critical minerals projects
- Canada and B.C. Invest in Infrastructure Upgrades to Support Critical Minerals Development in Northwest B.C. and Create Jobs Across the Province
- Foran Mining Corporation
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SOURCE Natural Resources Canada
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