4 April 2014
Tesla to minimize environmental impact
Issued Capital: 150,526,976
LONDON, ON, April 4, 2014 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased with the recent reports that Tesla Motors Inc. ("Tesla") plans to source its critical raw materials as close as possible to its planned $5 billion lithium-ion battery "gigafactory" in the southwest U.S. - with a preference for North America suppliers to minimize environmental impacts and material costs. Fortune's proposed refinery near Saskatoon in western Canada, the Saskatchewan Metals Processing Plant ("SMPP"), will be constructed in the community of Langham, and will stand out as a North American facility dedicated to the production of cobalt chemicals needed to manufacture rechargeable batteries used in electric vehicles like Tesla's as well as in portable electronic devices. The Tesla Model S uses Nickel Cobalt Aluminum cathode chemistry from Panasonic containing 9% cobalt by weight. Lithium-ion batteries using other cathode chemistries can contain up to 60% cobalt by weight.