Good fortune is brought by promising project

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0
Shipping Terms:
FOB
Date Posted:
2012-02-26
Expires:
2013-02-26
Status:
Expired

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Diversified resources firm Fortune Minerals is advancing two Canadian projects that stand it in good stead to become a reliable North American source of supply of specialty metals and specialty metallurgical coals.

The company is developing the Nico cobalt-gold-bismuth deposit in the City of Yellow-knife in the Northwest Territories at an estimated capital cost of $400-million, as well as the Mount Klappan anthracite metallurgical coal deposits in British Columbia in a $614-million project.

Fortune Minerals president Robin Goad tells Mining Weekly that both projects contain important commodities that have constrained supply and growing global markets.

“Mount Klappan contains the only known source of supply of high-quality anthracite metallurgical coal in Canada. There are few new deposits of good-quality metallurgical coal and demand is growing owing to the growth of the steel industry in China and other emerging markets in Asia,” says Goad.

He adds that Nico is the largest deposit of bismuth in the world, containing significant cobalt to service demand for high-strength steels and for use in high-performance recharge- able batteries. It also represents a reliable North American source of supply of these important metals, with gold contributing significant revenues to mitigate risk from cobalt and bismuth metal price volatility.

And both projects are showing steady progress.

Nico Project Progress

The Nico project is located 160 km north-west of Yellowknife and 50 km north of the Tlicho community of Whati. The 31-million ton deposit will be developed using a combination of openpit and underground mining methods, with ores projected to be processed at the rate of 4 650 t/d in a mill at the site over an 18-year mine life.

Other facilities that are plan-ned at the site include a camp to accommodate employees working on a rotation basis, ancillary buildings and a 27 km all-season access road that will join the site to the proposed Tlicho road conn

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