Fortune Minerals Secures Site for Potential Cobalt and Copper Refinery in Alberta

Canada-based mining company Fortune Minerals has signed a new option agreement with JFSL Field Services to acquire a brownfield industrial site in Alberta’s Lamont County, where it plans to build a refinery that will produce cobalt, bismuth, and copper products. The site, previously home to a steel fabrication plant, offers proximity to rail lines, essential reagents, and skilled labor, making it a strategic choice for the refinery.

The agreement allows Fortune Minerals to purchase the 77-acre property for C$6 million ($4.4 million) by November 2025. As part of the deal, Fortune is required to make monthly payments of C$100,000, which will contribute to the purchase price. To date, the company has paid over C$1.4 million, which will be deducted from the total purchase cost.

During the option period, JFSL Field Services is permitted to market the site to other potential buyers, but Fortune retains a 90-day right of first refusal to match any offer. Additionally, JFSL can continue using the property and its existing facilities for 18 months following a sale.

Fortune plans to use the site to refine concentrates from its NICO critical minerals project in the Northwest Territories, targeting annual production of 8,780 metric tonnes of cobalt sulfate, 1,700 tonnes of bismuth ingots, and 300 tonnes of copper in cement precipitate. The company is also exploring the possibility of extracting cobalt and bismuth from waste streams at Rio Tinto’s smelter in Utah, which processes ore from the Kennecott copper mine.

The development of the NICO mine, which will utilize both open-pit and underground mining methods, has not yet begun as Fortune awaits a final construction decision. The company has received federal funding from both the Canadian and U.S. governments to complete a new feasibility study, a process expected to take 20 months. Securing financing for the construction of the mine and refinery, estimated to cost C$770 million, remains a critical step. Fortune anticipates that establishing the mine will take two years, with the refinery requiring 18 months to complete.