Fortune Minerals gets water licence and land use permit for NICO mine in Northwest Territories
NICO deposit contains 12% of global bismuth reserves and 1.1 million in-situ ounces of gold.
Fortune Minerals, a Canadian company listed on the TSX (FT) and OTCQB (FTMDF), has received the necessary permits to proceed with the NICO mine project in the Northwest Territories. The company announced on Monday that the Minister of Environment and Climate Change had approved the renewal of the water license for the NICO mine and concentrator after accepting the draft terms recommended by the Wek’èezhìı Land and Water Board (WLWB).
The WLWB also issued the land use permit, enabling the construction and operation of the mine facilities. The NICO mine is a critical minerals asset project involving a planned open pit and underground mine, a concentrator, and a dedicated hydrometallurgical facility in Alberta. The NICO site will be connected to the territorial highway system via the already approved access road.
The NICO deposit is noteworthy for containing one of the largest undeveloped bismuth reserves globally, accounting for 12% of the world's bismuth reserves. The project also aims to establish a domestic and reliable North American supply chain for battery grade cobalt sulphate, bismuth ingots, and copper cement, along with over one million ounces of in-situ gold.
Fortune Minerals' VP of Environmental and Regulatory Affairs, Dr. Richard Schryer, stated that the renewal of the Class A Water License and Land Use Permit was a result of comprehensive engagements with territorial, federal, and indigenous governments and communities, with a focus on addressing potential environmental and social concerns.
However, Fortune Minerals' stock experienced a 3.4% decrease in Toronto trading on Monday, with a market capitalization of C$97 million ($69 million).
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