Staff Writer | March 26, 2024 |
Aerial view of Fortune Minerals’ NICO cobalt-gold-bismuth copper project in the Northwest Territories. Credit: Fortune Minerals
The Canadian government announced on Tuesday a C$714,500 investment in Fortune Minerals (TSX: FT) for the production of cobalt sulphate and bismuth ingot products from the company’s planned mine in the Northwest Territories and refinery in Alberta.
A pilot-scale hydrometallurgical program will be designed to optimize processing conditions while ensuring that residues from the process are stable for safe disposal, Natural Resources Canada said in a news release, adding that the project will create job opportunities for skilled trades and professional occupations, including Indigenous communities, and introduce a new sustainable technology to other Canadian companies.
The investment aims to help Canada participate directly in the growing market of battery-grade cobalt and other concentrates instead of shipping concentrates overseas for value-added processing, NRC said.
Funding for this project comes from the Critical Minerals Research, Development and Demonstration (CMRDD) program. The CMRDD aims to advance the commercial readiness of emerging mineral processing unit operations and technologies that will support the development of zero-emission vehicle value chains in Canada by providing raw material inputs for use in batteries and permanent magnets.
“Today’s investment of C$714,500 for Fortune Minerals will help to advance the development of dynamic and competitive critical minerals value chains through an innovative new processing technology,” Canada’s Minister of Energy and Natural Resources Jonathan Wilkinson said in the statement.
“This means good jobs for workers, more investment in Canadian innovation and lower emissions across the country.”
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