Foran Mining aims to develop carbon neutral copper project
Foran Mining has announced that its 100% owned McIlvenna Bay deposit will become the world’s first carbon neutral copper development project. The Company has partnered with leading carbon measurement firm and sustainability advisory firms, Carbonzero and Synergy Enterprises, to accurately record its emissions and purchase verified offsets for the carbon emitted from all exploration activities over the past 10 years at the deposit.
The move underscores Foran’s commitment to building the world’s first fully carbon-neutral copper mine and is part of its broader mission to create a blueprint for responsible mining that causes the least possible harm from day one through the innovative use of technology, renewable energy and fleets of electric vehicles and equipment. By offsetting the carbon emitted in the exploration phase, Foran aims to ensure that it accounts for the entire impact of the project from development, through to operations, to eventual closure.
The offsets, which neutralise emissions produced through land-use changes and clearing, fuel-use for exploration and travel to and from the site, will be purchased in the coming weeks and will help provide funding for a mix of projects including a wind power project in Guatemala, and a forest protection project in Inner Mongolia. GHG (greenhouse gas) emissions associated with the project will be measured in line with the ISO 14064-1 standard and the Greenhouse Gas Protocol Corporate Standard and offset in each subsequent year of the project.
World Earth Day
Dan Myerson, Executive Chair of Foran, commented: “This world-first puts McIlvenna Bay at the cutting edge of the sector, in line with our mission to become the world’s first zero-carbon copper producer from day one. Accurate and transparent accounting of our emissions levels in the exploration phase is a critical part of our commitment to ESG principles. And as we mark World Earth Day, it reinforces our duty to ensure we promote responsible mining that is cleaner, safer, fairer, and more productive. We are exploring all kinds of exciting initiatives in line with our audacious mission; this is just the first."
Jean Rogers, newly appointed Non-Executive Board Member of Foran, stated: "The green transition won’t happen without clean mining. I am therefore proud and supportive of Foran's efforts to set an example for the mining industry that targets carbon neutrality now, not 10 to 30 years from now. Dan and the team at Foran Mining are committed to operating a carbon neutral copper mine from the start by deploying clean energy sources and automated technology, for the safety of its workers and the benefit of society. Never underestimate the power that one shining example can have on the world, by showing what’s possible in a compressed time frame. The urgency is real. Foran aims to do just that- accelerating the transformation of the mining industry while safely supplying critical natural resources necessary for a clean, sustainable, economy in a manner consistent with the Paris accords."
Heidi Grantner, General Manager of Synergy Enterprises, said: “We are thrilled to lead the measurement of a comprehensive GHG inventory for exploration activities at McIlvenna Bay. A fully carbon neutral mine accounts for all emissions produced over the lifetime of the project. Foran’s approach is to reduce emissions as much as possible and offset the remainder with verified carbon offset projects. By measuring and offsetting historical emissions from exploration activities, Foran is taking responsibility for unavoidable emissions and using the measurement exercise to inform data-driven decisions about their future impact. We hope this will serve as inspiration for other mines around the world."
“Carbonzero is pleased to be working with Foran to perform a Greenhouse Gas Inventory Confirmation of the McIlvenna Bay project’s lifecycle and to provide carbon offsets that compensate for the site’s greenhouse gas emissions,” said Dan Fraleigh, CEO of Carbonzero. “We commend Foran’s sustainability efforts at the McIlvenna Bay site to first reduce and then offset emissions.”
Foran Mining is a copper-zinc-gold-silver exploration and development company, and we are committed to supporting a greener future, empowering communities, and creating circular economies which create value for all our stakeholders, while also safeguarding the environment. Our goal is to build the first mine in Canada designed to be carbon neutral from day one of production. We are in the feasibility stage of development for our flagship McIlvenna Bay project in eastern Saskatchewan. McIlvenna Bay is a copper-zinc-gold-silver rich VMS deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years. McIlvenna Bay sits just 65km from Flin Flon, Manitoba and is part of the world class Flin Flon Greenstone Belt that extends from Snow Lake, Manitoba, through Flin Flon to Foran’s ground in eastern Saskatchewan, a distance of over 225km. McIlvenna Bay is the largest undeveloped VMS deposit in the region. T
Global iron ore production to recover by 5.1% in 2021
Global iron ore production fell by 3% to 2.2bnt in 2020. Global production is expected to grow at a compound annual growth rate (CAGR) of 3.7% to 2,663.4Mt between 2021 to 2025. The key contributors to this grow will be Brazil (6.2%), South Africa (4.1%), Australia (3.2%) and India (2.9%). Key upcoming projects expected to commence operations include South Flank in Australia (2021), Zulti in South Africa (H2 2021), Serrote Da Laje in Brazil (H2 2021) and Gudai-Darri (2022), according to GlobalData, a leading data and analytics company.
Vinneth Bajaj, Associate Project Manager at GlobalData, comments: “Declines from Brazil and India were major contributors to the reduced output in 2020. Combined production from these two countries fell from a collective 638.2Mt in 2019 to an estimated 591.1Mt in 2020. The reduced output from the iron ore giant, Vale, was the key factor behind Brazil’s reduced output, while delays in the auctioning of mines in Odisha affected India’s output in 2020.
“Miners in Australia were relatively unaffected by COVID-19 due to effective measures adopted by the Australian Government, while a speedy recovery in China led to a significant 10.4% increase in the country’s iron ore output.”
Looking ahead, the global iron ore production is expected to increase by 111.3Mt to 2,302.5Mt in 2021. Rio Tinto is expected to produce up to 340Mt of iron ore, while BHP has released production guidance of 245–255Mt, supported by the start of the Samarco project in December, which is expected to produce between 1–2Mt.The company has retained its guidance for Australian mines at 276–286Mt on a 100% basis, due to scheduled maintenance work at its ore handling plant and tie-in activity at the Area C mine and South-Flank mine.
Bajaj added: “The remaining companies are expected to produce more than 600Mt of iron ore, including FMG, whose production is expected to range between 175–180Mt supported by its Eliwana mine that commenced operations in late December 2020, and Anglo American, which is expecting to produce between 64–67Mt. Vale is expected to resume 40Mt of its production capacity, taking its overall production capacity to 350Mt in 2021, with production guidance of 315-335Mt.”