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February 2, 2022
News Advertiser PAGE 5
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Fortune Minerals to Purchase $5.5 Million Industrial Property in Lamont County Aerial view of proposed refinery site. (Fortune Minerals Limited/Submitted Photo)
Michelle Pinon News Advertiser Fortune Minerals Ltd. has officially entered into an option agreement with JFSL Field Services to purchase its former steel fabrication facility in Lamont County for $5.5 million. The company will have six months to carry out additional due-diligence and complete the purchase of the property which is located approximately six kilometres northwest of Lamont. Fortune Minerals intends to acquire the site in order to construct a hydrometallurgical refinery for the planned NICO Cobalt-Gold-Bismuth-Copper Mine in the Northwest Territories. Company President Robin Goad said the site is adjacent to rail lines, natural gas, electricity, potable and non-potable water, oxygen, sulfuric acid and highly skilled labour force. Goad said they had been working quite closely with Sherritt and became familiar with Alberta’s Industrial Heartland and some of the local politicians and structures that are situated in the area. Goad said they discovered the property for sale on the internet and began researching the site to see what it could offer to the company. The sale of the 76.78 acre site includes a 42,000 square foot building that was constructed in 2003. Goad said the refinery will cost an estimated $350 million. Lamont County Communications Coordinator Jay Zaal said money gener-
ated for Lamont County cannot be determined at this time as the project is still in early stages, however, the county is excited it may potentially bring good jobs to the region. In fact, Goad estimates they will create approximately 100 fulltime jobs.
In addition to cobalt, the unique mineral assemblage of the NICO deposit includes a highly liquid 1.1 million ounce in-situ gold co-product. Twelve percent of global bismuth reserves and copper. The NICO Project would provide a reliable North American source of three critical minerals produced responsibly with Canadian environmental–social governance values that are essential to support the transformation to new technologies and the growing green economy.” Troy Nazarewicz, Investment Relations Manager with Fortune Minerals, said, “The NICO development is anticipated to have direct employment for 250 workers at the mine and an additional 100 jobs at the refinery. Indirect jobs are expected to be double the direct jobs using a standard 2:1 industry employment multiplier. The economic spinoffs for the refinery would be greater if the refinery processes, additional feed sources and recycled
take 18-months and will be constructed contemporaneously. The project could be commissioned in three years if the requisite funding is in place.” Fortune Minerals is a public company based in London, Ontario. It shares trade on the Toronto Stock Exchange and trade in U.S. dollars.
Dan's Quote of The Week
Aerial view of NICO Project. (Fortune Minerals Limited/Submitted Photo)
As far as support from Lamont County, Fortune Minerals has stated that it will receive a municipal tax incentive of 80 percent of 2.5 percent of capital costs until repaid or 10 years. As to what will be produced at the refinery? Goad said the refinery would process concentrates from the planned NICO Cobalt-Gold-Bismuth-Copper Mine in the Northwest Territories. According to a company news release, “The refinery would process concentrates from the mine and produce cobalt sulphate for the rapidly expanding lithium-ion rechargeable battery industry and their use in electric vehicles, portable electronic devices, and stationary storage cells to make electricity use more efficient.
materials and/or the region attracts investment from the battery and automotive industries. Construction of the mine and concentrator is anticipated to take two years after the project financing is secured. The refinery construction is anticipated to
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