Foran places big BEV order with Sandvik

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Foran Mining started work on its McIlvenna Bay exploration decline earlier this year

Canadian company Foran Mining Corporation has ordered about US$32 million worth of battery-electric underground equipment for its proposed US$290m McIlvenna Bay copper-zinc project in Saskatchewan. Foran filed its feasibility study earlier this year and is working on a circa-1500m exploration decline at the site.

It said equipment supplier Sandvik would maintain batteries for underground drills, trucks, and loaders – used for the mine’s development and production – through a service agreement that would see the manufacturer’s battery and equipment technicians working alongside Foran’s maintenance team.

At this stage, delivery of the 20 battery-electric vehicles is scheduled to take place between 2023-2025.

Foran’s FS outlined production of 65 million pounds of copper-equivalent annually over 18 years (72.8Mlb pa or 33,000 tonnes a year over the first 15 years) at AISC of US90c/lb copper, with zinc, gold and silver by-product credits, using a US$3/lb copper price. Estimated sustaining capital of C$481m over the life-of-mine covers development of a shaft and associated material handling system.

McIlvenna Bay, 65km west of Flin Flon, Manitoba, is said to be the largest undeveloped volcanic-hosted massive sulpdide (VHMS) deposit on the world class Flin Flon greenstone belt.

Sandvik said the SEK330 million order was its largest to date for battery-electric equipment and would be booked in the September quarter.

“Sandvik sees very strong momentum for our mining electrification offering, which offers great potential in driving more sustainable mining, helping customers to boost productivity, reduce greenhouse gas emissions and improve workers’ health,” the company’s CEO, Stefan Widing, said.

Foran’s share price is down about 7% in the past month to C$2.09, capitalising the company at C$440m.

 

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