prosperous low-carbon future. By making smart investments like this, Canada is ensuring our
responsibly sourced resources remain competitive in the global marketplace, while also
strengthening domestic value chains.
Quotes
“Today’s investment of $714,500 for Fortune Minerals will help to advance the development of
dynamic and competitive critical minerals value chains through an innovative new processing
technology. This means good jobs for workers, more investment in Canadian innovation and
lower emissions across the country — all part of our plan to build a cleaner Canada and a
prosperous, sustainable economy that works for everyone.”
The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources
“Critical minerals development like Fortune Minerals’ NICO project is a key component of the
future of mining in the Northwest Territories. Through this investment, our government is
demonstrating its commitment to supporting the growth of this industry in the North.”
Michael V. McLeod
Member of Parliament for Northwest Territories
“Fortune Minerals is grateful for the financial support it is receiving from the federal government
for its vertically integrated NICO cobalt-gold-bismuth-copper project through the Critical
Minerals Research Development and Demonstration program. These funds will support
additional piloting needed for detailed engineering and preparation of the company’s updated
feasibility study to help advance the asset closer to a construction decision. Development of the
NICO project would provide a Canadian solution for the supply of cobalt sulphate, bismuth and
copper needed in the energy transition, new technologies and the growing green economy.”
Robin Goad
President and CEO, Fortune Minerals Limited
Quick facts
Budget 2021 provided $47.7 million to NRCan for the Critical Minerals Research
Development and Demonstration (CMRDD) program to support the development of
Canadian critical minerals value chains.
On September 29, 2023, the CMRDD program concluded its second call for proposals.
Projects selected for this program will contribute to developing vital mineral resources
and value chains that will facilitate the shift to a low-carbon economy and support
advanced manufacturing and technology in an environmentally conscious manner.
Canada’s Critical Minerals Strategy is part of Canada’s strengthened climate plan, 2030
Emissions Reduction Plan: Clean Air, Strong Economy, which advances Canada’s goals
of reducing greenhouse gas emissions by 40 to 45 percent below 2005 levels by 2030 and
reaching net-zero emissions by 2050.