VANCOUVER, BC, March 20,
2024 /PRNewswire/ -- 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.
About Foran Mining
Foran Mining Corporation is a copper-zinc-gold-silver exploration
and development company, committed to supporting a greener future,
empowering communities, and creating circular economies which
create value for all our stakeholders, while also safeguarding the
environment. The McIlvenna Bay project is located entirely within
the documented traditional territory of the Peter Ballantyne Cree
Nation. Foran Mining Corporation also owns the Bigstone Deposit, a
resource-development stage deposit located 25km southwest of its
McIlvenna Bay project.
About Cryopeak Energy Solutions Corporation:
Cryopeak Energy Solutions Corporation is a merger between Cryopeak
LNG Solutions Corporation (majority owned by BP Energy Partners),
and Ferus Natural Gas Fuels Inc. (owned by The Energy &
Minerals Group). The company is a market leader in providing energy
solutions using LNG as a low carbon fuel. By displacing more carbon
intensive fuels, Cryopeak supports its remote and off-grid
customers by lowering emissions and energy costs.
For more information, please
visit www.cryopeak.com
About BP Energy Partners:
BP Energy Partners
(BPEP) is a Dallas,
Texas based independent investment firm founded in 2012 with
over $600 million in committed
capital. BPEP makes control investments in a
diversified portfolio of lower-middle market companies that provide
solutions, services, and products that enable energy and energy
intensive industries to decarbonize without
sacrificing affordability, security, reliability – and returns
("Practical Decarbonization").
For more information, please visit
www.bpenergypartners.com
About The Energy & Minerals Group, LLC:
The
Energy & Minerals Group (EMG) is a specialized natural resource
focused private equity firm founded in 2006 with current assets
under management ("AUM") of approximately $14 billion as of September 30, 2023. In addition, EMG's funds and
co-investments have returned approximately $11 billion to Limited Partners to date. EMG
targets equity investments of $150
million to $1,000 million
across the natural resource industry, which includes the extraction
and processing of the critical metals and minerals to facilitate
decarbonization as well as upstream and midstream
energy.
For more information, please
visit https://www.emgtx.com
www.cryopeak.com
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SOURCE Cryopeak Energy Solutions Corporation