Foran Mining (TSXV: FOM) reports that its 100%-owned McIlvenna Bay is the world’s first carbon neutral copper development project. The milestone was reached following the completion of carbon purchases to offset emissions from 10 years of exploration.
The total emissions for 2011-20, including land use changes, fuel use and travel related sources, was 5,745 tonnes of carbon dioxide equivalent. The measurement aligns with the ISO 14064-1 standard and GHG Protocol Corporate Standard.
The transaction will provide revenue for two projects: the Kariba forest protection project in Zimbabwe and the NL Climate & Ecosystems Conservancy project closer to home.
“Mining is critical to the advancement of the global economy and our collective ambitions of decarbonisation,” said Foran executive chair Dan Myerson. “It is for this reason that we need to ensure that we are doing everything we can to produce the essential materials we need for a low carbon future (such as copper and zinc in our case) in the most responsible way possible.”
The McIlvenna Bay property is located in Saskatchewan 65 km west of Flin Flon, Man. According to the pre-feasibility study, it has the potential to be a successful underground producer using longhole methods. A 3,600-tonnes/day mill is planned for the site. Resources are 23.0 million indicated tonnes grading 1.2% copper and 3.1% zinc. The inferred portion is 11.2 million tonnes at 1.45% copper and 1.8% zinc.
Foran estimates initial capital costs will be C$261.3 million followed by C$339.6 million sustaining costs. The pre-tax net present value (7.5% discount) would be C$219 million and the internal rate of return would be 22%. A bankable feasibility study is to be complete within a year.
(This article first appeared in the Canadian Mining Journal)