Foran Mining and Ontario Teachers’ in talks for C$200m investment

If completed, the deal will see Ontario Teachers' invest in Foran Mining's McIlvenna Bay project.

  • Foran Mining is a Vancouver-based copper-zinc-gold-silver exploration and development company
  • The proposed deal remains subject to ongoing due diligence by Ontario Teachers’ and Foran securing a senior secured credit facility
  • Both Ontario Teachers’ and Foran are now under exclusivity and intend to enter definitive documentation in Q3 2022

Foran Mining Corp, a Vancouver-based copper-zinc-gold-silver exploration and development company, has entered a non-binding term sheet with Toronto-headquartered Ontario Teachers’ Pension Plan that contemplates a C$200 million investment in the company’s McIlvenna Bay project.

McIlvenna Bay is a copper-zinc-gold-silver rich VHMS deposit intended to be the center of a new mining camp. It is the largest undeveloped VHMS deposit in the region. Foran announced the results from its feasibility study on February 28, 2022, outlining that current mineral reserves could potentially support an 18-year mine life producing an average of 65 million pounds of copper equivalent annually.

The proposed deal remains subject to ongoing due diligence by Ontario Teachers’ and Foran securing a senior secured credit facility.

Ontario Teachers’ is a global investor with net assets of C$242 billion ($189 billion). It invests across asset classes to deliver retirement income for 333,000 current and retired teachers in Ontario.