Cryopeak Energy Solutions Enters Long-Term Agreement with Foran Mining to Provide Low Carbon Fuel for Power Generation
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
SOURCE Cryopeak Energy Solutions Corporation
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