Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) reported its financial results for the first quarter period ending in March on Monday.
The company reported a net loss of $1.2 million (Canadian) compared to a net loss of $1.6 million in the previous quarter. The results also showed $9.1 million in current assets, compared to $13.4 million in the previous quarter.
Fortune Minerals is currently involved in a number of exploration projects in Canada, including the Arctos Anthracite Project in British Columbia and the NICO gold-cobalt-bismuth-copper project in the Northwest Territories.
The company successfully secured environmental approval for its metals processing plant in Saskatchewan last February, but not without opposition. The $200 million metals facility – subject to conditions – will process about 65,000 tonnes of ore into gold, bismuth, cobalt and copper products per year. Fortune’s planned NICO mine will feed the Saskatchewan refinery.
Fortune reported last week US government’s Reduction of Lead in Drinking Water Act and other similar initiatives are contributing to increased demand for bismuth, scientifically recognized as non-toxic.
The company is currently waiting for its land use permit and certain water use licenses from the Wek’èezhìi Land and Water Board of the Northwest Territories.
MINING.com spoke with Fortune CEO Robin Goad early this year on company’s all three projects.
