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Fortune Minerals Completes New Option Agreement to Acquire the JFSL Alberta Refinery Site for the NICO Project
Alex Mezei retained as Chief Metallurgist to supervise test work and process engineering LONDON, Ontario / Aug 19, 2024 / Business Wire / Fortune Minerals Limit
About this update from Fortune Minerals Limited
[{"type":"text","content":"Alex Mezei retained as Chief Metallurgist to supervise test work and process engineering LONDON, Ontario / Aug 19, 2024 / Business Wire / Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to announce that it has entered into a new option agreement with JFSL Field Services ULC (“JFSL”) to purchase the brownfield industrial site in Lamont County, Alberta where it plans to construct its hydrometallurgical refinery (“Alberta Refinery”). The Alberta Refinery would process metal concentrates from Fortune’s planned NICO cobalt-gold-bismuth-copper mine and concentrator in the Northwest Territories (“NWT”) (collectively, the “NICO Project”) and provide a reliable domestic supply of Critical Minerals for the energy transition and other new technologies. The Alberta Refinery will produce cobalt sulphate for the North American lithium-ion battery industry, bismuth ingots (12% of global reserves) and copper cement - with more than one million ounces of in-situ gold as a countercyclical and highly liquid co-product. Fortune also has a process collaboration with Rio Tinto examining the feasibility of processing materials produced from Kennecott Smelter wastes in Utah at the Alberta Refinery to increase cobalt and bismuth production. Pursuant to the new option agreement, Fortune can acquire the Lamont County site from JFSL for C$6,000,000 prior to the end of November 2025, provided it makes monthly option payments of C$100,000. The monthly option payments and the C$1,437,500 previously paid by Fortune to JFSL, are deductible from the purchase price. JFSL will be entitled to list the Lamont County property for sale during the option period, subject to Fortune’s 90-day right of first refusal to match any third-party offer. JFSL will also be entitled to continue using the Lamont County property and facilities for the eighteen months following a sale to Fortune. JFSL is a subsidiary of Worley Group (“Worley”), an international engineering, construction management and environmental services company listed for trading on the Australian Stock Exchange. Worley will be the preferred contractor for environmental, engineering, procurement, fabrication and construction work for the Alberta Refinery. The JFSL site is comprised of 76.78 acres of lands adjacent to the Canadian National Railway ...