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.
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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.
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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.