Fortune Minerals Announces 3rd Party Process Residue Disposal Option for Its NICO Project Refinery
09 2월 2021 - 8:27PM
Business Wire
Site selection optionality, while reducing
capital costs, and permitting and technical risks
Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF)
(“Fortune” or the “Company”)
(www.fortuneminerals.com) is pleased to announce that it has
received indicative terms from a large waste disposal and
environmental services company to dispose of the process residue
from the planned refinery for the NICO Cobalt-Gold-Bismuth-Copper
Project (“NICO Project”). This waste disposal company
operates a number of facilities in western Canada and provided its
quote after reviewing the chemistry and environmental
characteristics of the process residue produced in Fortune’s
earlier pilot plant. The ability to dispose of the residue in an
existing permitted facility provides Fortune with flexible options
to finalize the preferred site for its planed refinery and reduces
the amount of land that would need to be acquired as well as the
capital costs for the refinery. This contracted disposal solution
would also reduce permitting times, technical risks during
operations, and eliminates long-term legacy issues associated with
a Company-owned facility.
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The NICO Project is a Canadian, advanced vertically integrated
development that is planned to produce cobalt sulphate, gold doré,
bismuth ingot and oxide, and copper as a minor by-product. Both
cobalt and bismuth are identified on the United States
(“U.S.”) and European (“E.U.”) Critical Minerals
Lists, being minerals needed for defense and new technologies,
cannot be easily substituted, and have supply chain risks from
geographic concentration of production and/or geopolitical issues.
Cobalt sulphate is needed to manufacture the cathodes of most
lithium-ion rechargeable batteries used in electric vehicles,
portable electronics and stationary storage cells. Fastmarkets
(formerly, Metal Bulletin) reports that cobalt prices are up about
30% over the past two months with cathodes trading above US$20 per
pound. There is also a significant premium being paid for cobalt
contained in sulphate, which represents a price of approximately
US$25 per pound of cobalt. The NICO Project stands out among other
cobalt developments with 12% of global bismuth reserves, and 1.1
million ounces of gold contained in the Mineral Reserves, the
latter providing a countercyclical and highly liquid
co-product.
The NICO Project is comprised of a planned open pit and
underground mine and mill in Canada’s Northwest Territories
(“NWT”) and a related hydrometallurgical refinery in
southern Canada. The Company has received environmental assessment
(“EA”) approval, the Land Use Permit, and the Type “A” Water
License to construct and operate the NICO mine and concentrator in
the NWT. The Tlicho Highway under construction for the NWT
government, is a key enabler for the NICO development and is
nearing completion and expected to open to the public later this
year. This C$213 million, 97-kilometre all-season road to the
community of Whati, together with the spur road Fortune plans to
construct, will allow metal concentrates to be trucked from the
mine to the rail head at Hay River or Enterprise, NWT for railway
delivery to the Company’s planned refinery.
Fortune received EA approval for a refinery site in
Saskatchewan, but is looking at alternative locations in western
Canada with the municipal industrial planning approvals already in
place. They include brownfield sites with existing permits and
facilities to reduce capital costs for the planned development. The
Company is also working with Canadian government departments,
several Provinces as well as the U.S. and E.U. for their support of
a new reliable Canadian producer of Critical Minerals with supply
chain transparency of metals from ore through to the production of
value-added products.
Fortune has already completed a positive Feasibility Study for
the NICO development in 2014, prepared by Micon International
Limited. The economics for the NICO development will be re-assessed
when the refinery site has been finalized and after the Company
completes the optimizations underway to produce a more financially
robust project to mitigate metal price volatility.
For more detailed information about the NICO Mineral Reserves
and certain technical information in this news release, please
refer to the Technical Report on the NICO Project, entitled
"Technical Report on the Feasibility Study for the
NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories,
Canada", dated April 2, 2014 and prepared by Micon International
Limited which has been filed on SEDAR and is available under the
Company's profile at www.sedar.com.
The disclosure of scientific and technical information contained
in this news release has been approved by Robin Goad, M.Sc.,
P.Geo., President and Chief Executive Officer of Fortune, who is a
"Qualified Person" under National Instrument 43-101.
About Fortune Minerals:
Fortune is a Canadian mining company focused on developing the
NICO Gold-Cobalt-Bismuth-Copper Project in the NWT. The Company has
an option to purchase lands in Saskatchewan where it may build the
hydrometallurgical plant to process NICO metal concentrates.
Fortune also owns the satellite Sue-Dianne Copper-Silver-Gold
Deposit located 25 km north of the NICO Project, which is a
potential future source of incremental mill feed to extend the life
of the NICO Project mill.
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This press release contains forward-looking information and
forward-looking statements within the meaning of applicable
securities legislation. This forward-looking information includes
statements with respect to, among other things, a potential
contract for the disposal of the process residue from the planned
refinery for the NICO Project, the Company’s plans to develop the
NICO Project, the construction ot he Tlicho Highway and the
potential for the Sue-Dianne property to provide incremental mill
feed to the NICO Project. Forward-looking information is based on
the opinions and estimates of management as well as certain
assumptions at the date the information is given (including, in
respect of the forward-looking information contained in this press
release, assumptions regarding: the Company’s ability to conclude a
contract for the disposal of the process residue from the planned
refinery for the NICO Project on the indicative terms provided to
it, the anticipated completion of the Tlicho Highway, the Company’s
ability to secure a site in southern Canada for the construction of
a NICO Project refinery; the Company’s ability to arrange the
necessary financing to continue operations and develop the NICO
Project; the receipt of all necessary regulatory approvals for the
construction and operation of the NICO Project and the related
hydrometallurgical refinery and the timing thereof; growth in the
demand for cobalt; the time required to construct the NICO Project;
and the economic environment in which the Company will operate in
the future, including the price of gold, cobalt and other
by-product metals, anticipated costs and the volumes of metals to
be produced at the NICO Project). However, such forward-looking
information is subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those projected in the forward-looking information.
These factors include the risks that : the Company may not be able
to conclude a contract for the disposal of the process residue from
the planned refinery for the NICO Project on the indicative terms
provided to it,, the NICO Project may not receive the benefit of
any financing under the published initiatives of the United States
and European Union with respect to critical minerals or any other
benefits therefrom, the Company may not be able to secure a site
for the construction of a refinery, the Company may not be able to
finance and develop NICO on favourable terms or at all,
uncertainties with respect to the receipt or timing of required
permits, approvals and agreements for the development of the NICO
Project, including the related hydrometallurgical refinery, the
construction of the Tlicho Highway and the NICO Project may take
longer than anticipated, the Company may not be able to secure
offtake agreements for the metals to be produced at the NICO
Project, the Sue-Dianne Property may not be developed to the point
where it can provide mill feed to the NICO Project, the inherent
risks involved in the exploration and development of mineral
properties and in the mining industry in general, the market for
products that use cobalt or bismuth may not grow to the extent
anticipated, the future supply of cobalt and bismuth may not be as
limited as anticipated, the risk of decreases in the market prices
of cobalt, bismuth and other metals to be produced by the NICO
Project, discrepancies between actual and estimated Mineral
Resources or between actual and estimated metallurgical recoveries,
uncertainties associated with estimating Mineral Resources and
Reserves and the risk that even if such Mineral Resources prove
accurate the risk that such Mineral Resources may not be converted
into Mineral Reserves once economic conditions are applied, the
Company’s production of cobalt, bismuth and other metals may be
less than anticipated and other operational and development risks,
market risks and regulatory risks. Readers are cautioned to not
place undue reliance on forward-looking information because it is
possible that predictions, forecasts, projections and other forms
of forward-looking information will not be achieved by the Company.
The forward-looking information contained herein is made as of the
date hereof and the Company assumes no responsibility to update or
revise it to reflect new events or circumstances, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210209005610/en/
Fortune Minerals Limited Troy Nazarewicz Investor
Relations Manager info@fortuneminerals.com Tel.: (519) 858-8188
www.fortuneminerals.com
Fortune Minerals (TSX:FT)
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