“There’s the alignment of the infrastructure, concern over critical minerals and demand for battery materials, so it’s all coming together nicely,” said Fortune Minerals CEO Robin Goad.
Electric vehicle shift is poised to transform Canada’s miners according to Financial Times and Fortune Minerals Limited (TSX:FT,OTCQB:FTMDF) is up for the challenge as it develops a C$750m cobalt facility, with a mine in the Northwest Territories and a refinery in southern Canada.
In an article published by Financial Times, Fortune Minerals Limited (TSX:FT,OTCQB:FTMDF) CEO Robin Goad says, “There’s the alignment of the infrastructure, concern over critical minerals and demand for battery materials, so it’s all coming together nicely.”
According to the article, on both sides of the US-Canada border, a regional electric vehicle (EV) supply chain is being created, with the potential to transform mining in Canada and loosen China’s grip on the minerals used in batteries. A North American value chain would reduce dependence on China, which has been engaged in a trade war with the US.
“There was a real concern coming, particularly out of the US, about being cut off,” says Goad. “Canada is saying all the right things but, so far, we haven’t seen capital pools established to really accomplish what’s necessary.”
In March 2021, Fortune Minerals announced five high priority drill targets east of NICO Deposit from modelling geophysics.