- Fortune Minerals (TSX: FT) (OTCQB:FTMDF) reports process optimization validation for its NICO Project's cobalt, gold, and copper circuits.
- Enhanced recoveries announced for NICO Project's proposed Alberta Hydrometallurgical Facility, promising reduced capital and operating costs.
- Government support includes ~C$17 million from Canada and the U.S. for critical minerals production expansion.
Fortune Minerals Limited (TSX: FT) (OTCQB:FTMDF) has reported additional process optimization test results for its NICO cobalt-gold-bismuth-copper critical minerals project in Canada. The recent test work confirmed improved recovery figures for cobalt, gold, and copper circuits at the Alberta Hydrometallurgical Facility. The company aims to establish a vertically integrated supply chain for these critical minerals, with significant implications for the energy transition, technology, and defense industries.
The test results showed 97% cobalt and 74% copper recoveries at the design feed grade. The company also announced streamlined processing steps, reducing capital and operating expenses significantly. Gold recoveries were improved to between 97% and 98%, surpassing previous targets. Fortune expects to complete optimization validation work shortly, with tests on cobalt PLS manganese removal and other processes ongoing.
Government support has bolstered the NICO Project, with approximately C$17 million in funding from Canadian and U.S. governmental bodies to aid in feasibility studies, front-end engineering, and the acquisition of necessary permits. This support aligns with international goals to bolster the critical minerals supply chain amid global geopolitical tensions.
The successful development of the NICO Project would enhance North American production of cobalt, gold, and bismuth, crucial for various high-tech applications, and reduce dependency on foreign supply chains, particularly given China's current dominance in this sector. Fortune aims to begin construction following government and feasibility validations.
