- Foran Mining announced today that it has received approval for and entered into a strategic equipment finance arrangement with Sandvik Financial Services Canada.
Foran said the facility allows for draws up to C$67 million and will be initiated, at the company’s election, as equipment is delivered to the project site. Repayments on draws will commence immediately over a 60-month period. CFO James Steels commented, “We are delighted to secure this noteworthy arrangement with Sandvik, complementing our financing package for McIlvenna Bay at an attractive cost of capital. This is yet another positive step in our journey to unlocking McIlvenna Bay's value and advancing our targeted carbon reduction initiatives.”
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