Fortune – Tlicho Joint Venture to Receive up to $50 Million From Government of Canada First and Last Mile Fund
· Financial Post
LONDON, Ontario -- Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) ( www.fortuneminerals.com), is pleased to announce that its joint venture with the Tłıchǫ Government has received conditional approval from the Government of Canada for up to $50 million to support construction of the NICO project access road (“NPAR”) in the Northwest Territories (“NWT”). Natural Resources Canada (“NRCan”)’s First and Last Mile Fund (“FLMF”) will reimburse 75% of the costs up to $50 million for construction of the 51-kilometre NPAR across Tłıchǫ private lands, connecting the NICO cobalt-gold-bismuth-copper mine to the NWT highway system near the community of Whatì. The NPAR will be used for mine construction and operations, including transportation of metal concentrates to a dedicated hydrometallurgical facility in Alberta (collectively, “the NICO Project”) for processing to value-added products needed for the energy transition, new technologies and defence. The $50 million award will help mitigate capital cost escalation for the vertically integrated development as the Company advances the NICO Project toward a construction decision. Read More
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