Foran Mining’s (TSX: FOM) construction progress at its McIlvenna Bay zinc-copper project in Saskatchewan is putting it on track to start commercial production by the middle of next year’s second quarter, analysts said after a recent site tour.
The tour, joined by provincial Premier Scott Moe and other government representatives, came just days after Foran released an update on construction at McIlvenna Bay, where the build is about 56% finished.
“The tour underscored McIlvenna Bay as a project of national importance, and highlighted the significant state of construction, operational readiness, scale potential underpinned by [the project’s Tesla zone], and further exploration upside,” BMO Capital Markets analyst Rene Cartier said in a note on Thursday. He upgraded Foran shares to Outperform and raised the target price to C$4.50 apiece from his previous target of C$3.75.
Foran shares dropped…
