Cryopeak Energy Solutions Corporation (“Cryopeak”) has entered into a long-term agreement with McIlvenna Bay Operating Ltd, a wholly owned subsidiary of Foran Mining Corporation (TSX: FOM) 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 multi-megawatt 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 Corporation 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 pre-development 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 Corporation.
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.
