NEW YORK Fortune Minerals
Ltd. has completed the purchase of land to be used for a new
The planned Saskatchewan metals
processing plant will convert concentrate from the
companys Nico gold-cobalt-bismuth-copper project in
Canadas Northern Territories.
The company purchased the
482-acre property near Saskatoon, Saskatchewan, for
approximately Canadian $850,000 ($861,078), a company spokesman
told AMM. The site straddles the main line of the
Canadian National Railway and is near the Trans-Canada
The company will convert an
average of 4,650 tonnes of Nico ore into 180 tonnes of bulk
concentrate per day before shipping it by truck and rail to the
refinery for processing, the company said.
The life-of-mine average annual
metal production from the facility is expected to be 40,500
ounces of gold, 1,576 tonnes of cobalt, 1,670 tonnes of bismuth
and 254 tonnes of copper.
The C$230-million ($233-
million) plant is expected to employ at least 85 people over a
20-year period based on Nicos anticipated mine life, and
the refinerys operating life can be extended with
third-party processing opportunities and participation in the
metals recycling business, the company said.
Fortune is seeking C$450 million
($456 million) in financing for Nico, which is expected to
start up in 2014 (
amm.com, June 1).