- Write by:
-
Friday, October 4, 2019 - 1:45:00 PM
-
781 Visit
-
Print
Mining News Pro - Canada’s Fortune Minerals Ltd said on Thursday it would shelve plans to upsize its early-stage cobalt mine in the country’s far north while it continues to hunt for a strategic partner.
The company’s decision to scale back plans at its proposed Nico development in Canada’s Northwest Territories comes after cobalt prices, hit by oversupply, have fallen from $47,000 per tonne in January to around $35,470.
Falling prices for the critical battery ingredient prompted Glencore in August to halt output for two years at its giant Mutanda copper and cobalt mine in the Democratic Republic of Congo.
London, Ontario-based Fortune Minerals said current prices do not justify expanding the daily mill production rate to 6,000 tonnes from 4,650 tonnes at its proposed Nico project, which would also produce gold and bismuth.
“An environment that has seen curtailment from the world’s largest cobalt mines is not conducive for an expanded, capital intensive project at this time,” Chief Executive Robin Goad said in a statement.
The company said it is continuing discussions with potential strategic partners.
Short Link:
https://www.miningnews.ir/En/News/430816
Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time ...
Around $7 billion of infrastructure investments in the Democratic Republic of Congo by Chinese companies in a revised ...
M23 rebels in eastern Democratic Republic of Congo have taken control of Rubaya, a key mining town for the smartphone ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
Barrick Gold Corp.’s chief executive officer says the gold miner will continue to host virtual-only annual general ...
Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an ...
Ucore Rate Metals (TSXV: UCU) has deemed a 26-tonne sample of mixed rare earth carbonate (MREC) from the Wicheeda mine ...
Australian Strategic Materials ASM.AX said on Friday it has received a non-binding letter of interest for a debt funding ...
China’s Tianqi Lithium said on Thursday it has formally requested that a proposed joint venture between lithium company ...
No comments have been posted yet ...