Soaring demand for copper will help drive mergers, BHP CEO says
Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050, Mike Henry said
Foran Mining (TSX: FOM) is making headway on construction of the McIlvenna Bay copper-gold project in Saskatchewan, with the erection of steel to begin in October.
The foundations for the ball mill and semi-autogenous grinding (SAG) mill are complete, and concrete footings are nearing completion. Processing plant equipment and structural steel will start arriving next month.
The company says it has received and commissioned its fleet of Sandvik battery-electric scoops and trucks.
Surface construction is advancing on several fronts, namely the mill, truck shop and contact water pond. The construction laydown area is prepared to receive steel and other equipment. The potable water plant and the sewage treatment plant are complete and await their operating permits.
Work continues on the collar sink for the fresh air raise. It has advanced through the sandstone layer in preparation for the installation of the main ventilation fan on the surface.
The 100%-owned McIlvenna Bay deposit is the largest undeveloped volcanic-hosted massive sulphide (VHMS) deposit in the region. It is located about 85 km west of Flin Flon, Manitoba, and reachable via the Hanson Lake all-season gravel road.
The 2022 feasibility study gave the project an 18-year mine life producing an average of 65 million lb. copper equivalent annually. Mineralization is found in several lenses and zones. The indicated resource totals 39.1 million tonnes grading 1.20% copper, 2.16% zinc, 0.14% lead, and 0.41 g/t gold or 2.04 copper equivalent. The total inferred resource is 5.0 million tonnes grading 0.94% copper, 2.16% zinc, 0.14% lead, and 16 g/t gold or 1.77% copper equivalent.
The indicated portion contains 1.03 billion lb. copper, 1.9 billion lb. zinc, 510,000 oz. gold and 18.0 million oz. silver. The inferred portion contains 105 million lb. copper, 284 million lb. zinc, 40,000 oz. gold, and 2.6 million oz. silver.
