Mining
Wednesday, March 20th, 2024 5:04 pm EDT
Key Points
- LNG supply agreement: Cryopeak Energy Solutions Corp. has signed a long-term agreement with McIlvenna Bay Operating Ltd., a subsidiary of Foran Mining Corp., to supply liquefied natural gas (LNG) for power generation and mine air ventilation at the McIlvenna Bay project in Northern Saskatchewan. LNG will replace propane for air ventilation heating and power the multimegawatt power generation plant during the initial project phase.
- Cryopeak’s milestone: The agreement marks a significant milestone for Cryopeak as Canada’s largest private, vertically integrated LNG producer and service provider, aiming to deliver low-cost and low-carbon-intensity energy alternatives across Canada and Alaska. Cryopeak emphasizes its role in providing cost-effective solutions for lowering carbon emissions through LNG usage.
- Sustainability and decarbonization: Both Cryopeak and Foran Mining Corp. highlight their commitment to sustainability and decarbonization efforts. Cryopeak aims to support Foran Mining’s sustainability goals and decarbonization efforts by supplying low-carbon-energy fuels, aligning with Foran Mining’s objectives to minimize adverse environmental impacts and support greener practices in its operations.
Cryopeak Energy Solutions Corp. has entered into a long-term agreement with McIlvenna Bay Operating Ltd., a wholly owned subsidiary of Foran Mining Corp., to supply liquefied natural gas (LNG) for all power generation requirements during the initial project phase and mine air ventilation to the McIlvenna Bay project located in Northern Saskatchewan. LNG will be exclusively used to provide low-carbon fuel for the multimegawatt power generation plant and to replace propane for air ventilation heating.
This agreement is another milestone for Cryopeak, as the largest private, vertically integrated LNG producer and service provider in Canada, to deliver low-cost and low-carbon-intensity (CI) energy alternatives to its customers throughout Canada and Alaska.
“Through our market-leading Canadian platform, Cryopeak provides a cost-effective solution to industrial and other large-volume customers to lower their carbon emissions by using LNG. We are very excited to partner with Foran Mining Corp. to help them meet their sustainability goals and support their decarbonization efforts by using low-carbon-energy fuels,” said Shane Blackford, vice-president, business development of Cryopeak.
“We are pleased to be collaborating with Cryopeak to provide a low-emission alternative power supply during the initial phase and predevelopment of our mining and milling operation. This solution aligns seamlessly with our company objectives towards decarbonization and to minimize adverse environmental impacts in every aspect of our activities,” said Gilbert Lamarche, chief operating officer of Foran Mining.
Under the agreement, Cryopeak will provide all LNG supply over the term of the agreement. Cryopeak commenced LNG supply to the McIlvenna Bay project in Q1 2024.
About Foran Mining Corp.
Foran Mining is a copper-zinc-gold-silver exploration and development company, committed to supporting a greener future, empowering communities and creating circular economies which create value for all its stakeholders, while also safeguarding the environment. The McIlvenna Bay project is located entirely within the documented traditional territory of the Peter Ballantyne Cree Nation. Foran Mining also owns the Bigstone deposit, a resource-development-stage deposit located 25 kilometres southwest of its McIlvenna Bay project.
