- Fortune Minerals Limited (FT) secured a two-month extension for the $5.5 million purchase option for the JFSL Field Services ULC site to construct the NICO refinery
- It can buy the site and facilities by the end of September by paying $15,000 per month
- This asset is well situated which will allow it to reduce costs for the NICO development
- The refinery will process metal concentrates from the cobalt-gold-bismuth-copper mine and concentrator in the Northwest Territories
- The refinery will also produce bismuth ingots and oxide
- Fortune Minerals Limited (FT) is unchanged trading at $0.09 per share as of 3:16 p.m. ET
Fortune Minerals Limited (FT) has received a two-month extension on a $5.5 million purchase option for the JFSL Field Services ULC brownfield site.
The purchase option concerns the construction of the NICO hydrometallurgical refinery in Alberta.
The company can acquire the site and facilities before the end of September by paying $15,000 per month to extend the option.
The JFSL facility is a former steel mill, and the site is made up of 76.78 acres of land northeast of Edmonton with the planning approvals already in place to attract heavy industry.
Fortune believes this asset is well situated which will allow it to materially reduce capital and operating costs for the planned NICO development.
According to the company, the NICO refinery is designed to process metal concentrates from the planned cobalt-gold-bismuth-copper mine and concentrator in the Northwest Territories (NWT). Fortune believes this will allow it to become a vertically integrated producer of cobalt sulphate needed to make the cathodes of lithium-ion batteries.
The refinery will also produce bismuth ingots and oxide which are used in the automotive and pharmaceutical industries.
Fortune reported the mineral reserves for the NICO deposit in the NWT also contain more than one million ounces of gold, and copper as a minor by-product.
Fortune Minerals Limited (FT) is unchanged trading at $0.09 per share as of 3:16 p.m. ET.
