South Africa’s top gold miner names Nel new CEO amid copper pivot
Harmony Gold appointed Beyers Nel as chief executive officer.
Foran Mining (TSX: FOM) is launching a brokered private placement financing for gross proceeds of C$200 million ($146 million) to support the exploration and development of its Saskatchewan-based mineral projects.
The offering will consist of up to 46.35 million common shares of Foran priced at C$4.10 each for a total of C$190 million. Another 1.56 million flow-through shares priced at C$6.40 each will also be offered, making up the remaining C$10 million.
BMO Capital Markets will act as the sole bookrunner and, together with Eight Capital and National Bank Financial, as the co-lead agent.
Foran’s main asset is the McIlvenna Bay project located within the world-class Flin Flon greenstone belt that extends from Snow Lake, Manitoba, through Flin Flon to Foran’s ground in eastern Saskatchewan, for a distance of over 225 km.
The property is host to the largest undeveloped VMS (volcanogenic massive sulphide) deposit within region, with indicated resources of 39 million tonnes grading 1.20% copper, 2.16% zinc, 0.41 g/t gold and 14 g/t silver.
A feasibility study in early 2022 outlined that the current mineral reserves at McIlvenna Bay would potentially support an 18-year mine life producing an average of 65 million pounds of copper-equivalent annually.
In summer 2023, a critical milestone was reached ahead of full development at McIlvenna Bay after Foran completed the environmental impact assessment (EIA) process for the project. The company followed it up by securing a C$200 million investment by the Ontario Teachers’ Pension Plan Board.
The latest financing adds another C$200 million to Foran’s capital raising this year to fund the initial development costs of McIlvenna Bay, which is estimated at C$368 million.
In addition to McIlvenna Bay, Foran also holds the Bigstone project, a resource-development stage deposit located 25 km to the southwest.
