SASKATOON, SK, Dec. 20, 2024 – Developing critical minerals infrastructure is vital for Canada to capitalize on the low-carbon economy’s potential and its abundant mineral resources. Canada is well-positioned to lead globally in producing critical minerals essential for clean energy, national defense, and security. By building critical mineral value chains – from mining and processing to manufacturing and recycling – Canada can create jobs, boost economic opportunities, and foster a secure future.
Today, the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, announced conditional approval of up to $20 million for Foran Mining Corporation (Foran) through the Critical Minerals Infrastructure Fund (CMIF).
This funding will support building a hydro transmission line for clean hydroelectricity, an on-site substation, and electric vehicle charging infrastructure at Foran’s McIlvenna Bay mine. The aim is to fully electrify the mine, enabling carbon-neutral copper production and strengthening Saskatchewan’s mining sector.
Canada is committed to reconciliation and collaborating with Indigenous Peoples on infrastructure and critical minerals projects. The Canadian government looks forward to engaging with Indigenous partners on this project.
With global critical mineral demand projected to double by 2040, Canada is ideally situated to benefit: we possess abundant critical minerals and the workforce and businesses to responsibly expand mining, processing, manufacturing, and recycling. This presents a significant economic opportunity, potentially creating hundreds of thousands of jobs, while making Canada a key supplier for allies and reducing reliance on authoritarian regimes.
Quotes
“Developing Canada’s critical minerals creates economic opportunities and jobs. Foran’s project, aiming for pollution-free copper production, will solidify Canada’s role as a leading global supplier of clean technology and energy. Foran and other Saskatchewan businesses recognize that economic development and environmental sustainability must be intertwined.”
The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources
“We are pleased to advance the McIlvenna Bay project with Canadian government support. Investing in a hydro transmission line and related infrastructure will provide renewable hydropower, opening a new critical minerals and mining district in Canada. This funding supports sustainable development, economic growth, job creation, and responsible mining practices in Saskatchewan, solidifying Canada’s leadership in critical minerals and clean energy.”
Dan Myerson
CEO and Executive Chairman, Foran
Quick Facts
- Canada’s Critical Minerals Strategy aims to advance critical mineral resource development and related value chains to support a low-carbon economy and advanced technology and manufacturing. Canada’s whole-of-government approach is collaborative, forward-thinking, and long-term. It will be implemented with provincial, territorial, Indigenous, industry, and international partners.
- The CMIF is a key program under the Strategy. With up to $1.5 billion available until 2030, it addresses infrastructure gaps to enable sustainable critical minerals production and connect resources to markets. It also supports clean energy and electrification initiatives, and transportation and infrastructure projects enabling sustainable development of Canada’s critical minerals.
- The CMIF prioritizes decarbonizing mining, strengthening supply chains via transportation infrastructure, and advancing economic reconciliation by supporting Indigenous participation in infrastructure and critical minerals projects.
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SOURCE Natural Resources Canada