British Columbia’s Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) and the Peter Ballantyne Cree Nation (PBCN) are collaborating and collectively developing a carbon-neutral copper project in Saskatchewan.
The precious metals producer announced signing the agreement with the PBCN early last week, a move intended to provide employment and business opportunities to the Indigenous organization while positively contributing to the project’s development.
“The financial benefits from the McIlvenna Bay project will make an important contribution to improving the quality of life of our members,” said PBCN Chief Karen Bird.
The employment and contracting opportunities will provide sustainable and transferable careers and business opportunities for both individual PBCN members and PBCN businesses,” she added.
The Mcllvenna Bay copper-zinc-gold-silver project sits within the PBCN traditional territory and is part of the Flin Flon Greenstone Belt extending 225 kilometres between Manitoba and Saskatchewan. The project is 100 per cent owned by Foran, contains an estimated 697 million pounds of copper and spans 20,900 hectares.
“This partnership is the result of truly listening to the local communities and responding with an unparalleled agreement that reflects these discussions,” said Foran’s Executive Chairman and CEO Dan Myerson.
“It speaks to our dedication to empowering the PBCN community, with a strong commitment to providing PBCN members with training and job opportunities and PBCN businesses with contracting opportunities.”
Project location. Map via Foran Mining
Read more: Calibre Mining’s reports high-grade discoveries at untapped regions in Panteon VTEM corridor
Read more: Calibre Mining reports 32% sequential cash balance increase to US$77M
The PBCN or Rocky Cree says it has occupied lands in northeast Saskatchewan since time immemorial and the Indigenous group’s traditional territory spans approximately 20,000 square miles. It has a population of almost 12,000 and consists of eight different communities.
The Mcllvenna Bay project is powered by two nearby hydroelectric dams and has a fleet of underground electric vehicles. The company says that Cameco Corp (TSX: CCO) and BHP Group Ltd (NYSE: BHP) collectively hold a 1 per cent net smelter return royalty on the project.
Saskatchewan possesses 23 of the 31 critical minerals identified by the Canadian authorities, is the world’s top producer of potash and has the highest-grade uranium deposits in the world, according to the provincial government. The province also holds significant copper and lithium resources.
Foran listed its shares on the Toronto Stock Exchange last month and subsequently delisted from the TSX Venture Exchange.
Foran Mining stock rose by 2.6 per cent Monday to $3.55 on the Toronto Stock Exchange.
Ontario’s Technica Mining also recently established a partnership with local Indigenous groups and held a pipe ceremony to celebrate it on July 6. The new agreement entitled Aki-eh Dibinwewziwin is an Indigenous-owned partnership between the Atikameksheng Anishnawbek and Sagamok Anishnawbek Indigenous groups, Wahnapitae First Nation and Technica Mining.
Technica Mining is a contracting company established in 1999 that provides engineering and underground development services.
“The cooperative we establish now will benefit our people for generations to come by creating high-value careers and lucrative business opportunities for our community,” said Chief/Gimaa Craig Nootchtai of the Atikameksheng Anishnawbek First Nation.
The Labour Force Survey conducted by Statistics Canada between 2019-2021 found that Canadian Indigenous workers in the mining industry make an average salary of $93,000 per year.
rowan@mugglehead.com
