- Fortune Minerals is building a reliable, vertically integrated North American critical minerals project to produce cobalt chemicals for the rapidly expanding lithium-ion battery industry.
- The NICO project is one of a few advanced-stage cobalt projects outside of the Democratic Republic of the Congo, with an average annual production of approximately 1,800 tonnes of cobalt units in the first 14 years of the 20-year mine life.
- Fortune Minerals has an option to acquire the Alberta Refinery Site to process concentrates from the NICO mine. As a vertically integrated asset, it will be independent of China’s dominant refining position.
- The company's flagship asset’s primary cobalt production is independent of nickel and copper mining and contains more than 1 Moz of in-situ co-product gold.
- Fortune Minerals has received environmental assessment approval for the mine, concentrator and access road in the Northwest Territories.
- The company has developed strong relationships with Indigenous and local communities and governments, which paved the way for federal, Northwest Territories and Tlicho Governments' approval of the project and financial support for local infrastructure, including the $400 million Tlicho all-season highway project to Whati that recently opened to the public.
- Potential for additional business at the refinery from toll processing of concentrates from other mines, diversification into the metals recycling business
- An experienced management team leads Fortune Minerals towards fully developing and capitalizing on its assets.
Cobalt is an often-overlooked critical mineral in the transition to clean energy. Cobalt is required to make the cathodes of many lithium-ion batteries used in electric vehicles (EVs), stationary storage cells and consumer electronics. Cobalt is also used in superalloys for the aerospace industry, cemented carbides, cutting tools, permanent magnets, surgical implants, catalysts, pigments and agricultural products.
The global cobalt market value is expected to grow from US$8.6 billion in 2021 to US$22.7 billion by 2029, growing by a CAGR of 12 percent. Additionally, it’s estimated that the world will require 400,000 tonnes per year by 2030, according to Benchmark Mineral Intelligence and other analysts, an increase of between 200 and 300 percent of current production levels. To meet the demands of the future, projects must start moving towards development today.
Fortune Minerals Limited (TSX:FT,OTCQB:FTMDF) is a Canadian mining company developing its wholly owned, vertically integrated NICO primary cobalt project in Canada to produce cobalt chemicals for the rapidly expanding lithium-ion battery industry. The NICO mineral reserves also contain 1.1 million ounces (Moz) of gold, 12 percent of global bismuth reserves, and copper as a minor by-product. NICO comprises a planned mine and concentrator in the Northwest Territories and a related refinery in Alberta, where concentrates from the mine will be processed into energy and eco-metals for the growing clean energy economy.