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| Foran Mining |
Foran Mining Corp. (TSX: FOM) remains on track to start hot commissioning of its McIlvenna Bay VMS project in Saskatchewan in late 2025, with commercial production expected in early 2026.
Construction Milestones and Production Plans
Foran Mining has provided an update on the construction progress of its McIlvenna Bay VMS (volcanogenic massive sulphide) project, one of the largest undeveloped copper-zinc-gold-silver deposits in the Flin Flon Greenstone Belt.
Key developments include:
- Structural steel and cladding installation for the mill
- SAG mill and ball mill installation
- Construction of the paste plant
- Copper and zinc flotation circuit installation
- Commissioning and production ramp-up planning
The McIlvenna Bay feasibility study outlines an 18.4-year mine life, based on probable mineral reserves of 25.7 million tonnes at 2.51% CuEq, equivalent to 65 million pounds of copper equivalent annually. The mine is designed for an initial 4,200 tonnes per day (tpd) production rate, with future expansion potential.
The initial capital cost is estimated at $368 million, reinforcing McIlvenna Bay’s position as a cornerstone project for a new mining district in east-central Saskatchewan.
Foran expects to complete 7,000 metres of decline development in 2025, with significant progress on the 150-metre and 180-metre levels. The company remains on track to build a 272,000-tonne ore stockpile before full mill production begins.
Strategic Developments and Market Performance
In November 2024, Foran repurchased a 1.0% net smelter royalty on a portion of McIlvenna Bay from Cameco Corp. (TSX: CCO, NYSE: CCJ) and South32 Royalty Investments Pty for $1 million in cash, enhancing its project’s long-term economics.
During Q4 2024, Foran’s construction team erected structural steel for the plant and advanced earthworks sequencing. The process plant enclosure will be completed in sections, including grinding, copper flotation, and zinc flotation. Enclosure around the grinding mills is scheduled for completion by March 2025, with the remaining structural steel expected to be completed by the end of Q1 2025.
Foran’s stock price rose 1.48% to $4.11, trading within a 52-week range of $4.69 to $3.43, reflecting investor confidence in its growth trajectory.
With the ongoing construction and strong exploration results, McIlvenna Bay is set to become a major contributor to Canada’s critical minerals supply chain, further solidifying Foran Mining’s position in the base metals sector.
