The Ontario Teachers’ Pension Plan is entering a non-binding agreement with a Canadian company seeking to develop copper mines in Saskatchewan.
In a deal reached with Foran Mining Corp., the pension fund will invest $200 million in the company’s McIlvenna Bay project. Following the announcement of the agreement, Foran’s stock rose 15.4 per cent.
The project will mine a deposit rich in copper, as well as lesser amounts of zinc, gold and silver in eastern Saskatchewan. A feasibility study conducted by Foran found the deposit contains enough minerals to support a mine extracting 29.5 million kilograms of copper over an 18-year operational period.
In other news, the Caisse de dépôt et placement du Québec is selling most of its shares in an Indian real estate developer.
The investment organization, which held a 2.4 per cent stake in Macrotech Developers Ltd., will receive about $119 million for 1.5 per cent of the company’s shares. Following the sale, Macrotech’s stock dropped 9.7 per cent.
The move follows the launch of a partnership between the company and the Caisse’s real estate arm, lvanhoé Cambridge. The partnership, which also included Bain Capital Inc., focuses on the development of a green digital infrastructure platform used to create about 270 hectares of digital infrastructure.