8/10/2023 0 Comments Nico project findings![]() Produce cobalt and bismuth concentrates at the mine site and ship these to the Company's proposed refinery in southern Canada for downstream processing to gold doré, cobalt sulphate, bismuth ingot and copper cement Fortune is assessing the following different development scenarios for the Technical Report to support project finance and strategic partnership negotiations: These companies are from diverse business sectors and have different objectives with respect to the types of products they require and their expectations for financial return verses supply chain transparency and security of supply for raw material procurement. ![]() Bismuth is an eco-metal used primarily in the automotive and pharmaceutical industries and has growing demand as a non-toxic and environmentally safe replacement for lead.įortune has executed Confidentiality Agreements with more than 45 companies interested in participating in the development of the NICO Project and/or securing a reliable Canadian and ethical supply of cobalt. As a Canadian vertically integrated development, the NICO Project will also reduce the risks of geographic concentration of supply in the politically unstable Democratic Republic of the Congo (73% of 2018 mine production), and similar to the policy risks associated with rare earth metals, China's dominance of refined cobalt products (64% of 2018 refinery production and 85% of cobalt chemicals). Cobalt is an essential ingredient in most lithium-ion batteries used to power portable electronic devices, transformative automotive electrification, and to store energy from renewable sources and off-peak charging to make electricity use more efficient. It is one of the few advanced projects in the world to support near-term accelerating demand for cobalt in new technologies. The NICO deposit is a Canadian primary cobalt deposit, which also contains more than one million ounces of gold and approximately 12% of global bismuth in the current Mineral Reserves (see Fortune news release, dated April 2, 2014). They will also result in the production of a superior cobalt sulphate product to the one produced in Fortune's earlier pilot plants. In particular, changes to the cobalt and bismuth downstream process, together with the higher throughput rate, will help mitigate increases in capital costs from escalation and reduce commissioning and operational risks. Hatch has also completed value improvement studies for a number of unit operations that are being engineered for inclusion in the updated Technical Report. The study will be based on current capital and operating costs and currency exchange rates at a 30% expanded throughput rate of 6,000 tonnes of ore processed in the mill per day and longer term commodity prices reflecting metal market dynamics. ![]() The updated Technical Report is assessing the economics of four different development scenarios for the Company's 100% owned NICO Cobalt-Gold-Bismuth-Copper Project (" NICO Project"), including a vertically integrated project with a refinery in southern Canada as originally contemplated as well as lower capital cost options that involve selling gold and concentrates from the mine site in the Northwest Territories. (" P&E") and Micon International Limited (" Micon") updating the 2014 National Instrument 43-101 Technical Report on the NICO Project Feasibility Study (" Technical Report"). LONDON, ON, J/CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (" Fortune" or the " Company") (is pleased to provide a progress report on the study nearing completion by Hatch Ltd. Four development scenarios being assessed with a new mine plan and expanded mill throughput rate and improvements to the cobalt and bismuth downstream process
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