21 November 2019
Fortune Minerals Limited is pleased to announce that it has signed an Access Agreement with the Tlicho Government that supports the development of the NICO cobalt-gold-bismuth-copper project (“NICO Project”) in Canada’s Northwest Territories. The NICO Project is one of the few mineral development assets outside of the Democratic Republic of Congo positioned to service the accelerating demand for cobalt in lithium-ion batteries as the global automotive industry transitions to electric vehicles. The NICO Mineral Reserves also contain more than one million ounces of gold.
The Access Agreement details the conditions under which Fortune can build and operate the 51 km NICO Project Access Road on Tlicho-owned lands between the community of Whati and the Company’s mineral leases. It also specifies the conditions for financial security for reclamation of the road that will be held by the Tlicho Government. Fortune can now complete the process to secure the water license and land use permit required to construct the road upon receipt of NICO Project financing.
Tlicho Government Grand Chief, George Mackenzie commented, “The signing of an Access Agreement with Fortune is an important step in the approvals process. We are now looking forward to concluding the required Impact and Benefits Agreement with Fortune Minerals, thereby ensuring Tlicho Citizens, communities and companies will benefit from the construction and operation of the NICO mine.”